Atrium European Real Estate said today it does not have enough shareholder support to sell a 40% stake in the business to Israeli developer Gazit Globe.
The firm had scheduled a meeting for today for shareholders to approve the €565m (£487m) deal.
However, it did not get the requisite level of support (75% of the scheme shares voted). Overall, 66.7% voted in favour of the deal and 33.3% against.
In a statement, Atrium said: “The Independent Committee remains confident in the underlying strength of the Atrium business and the management team’s ability to operate and grow the company on a standalone basis as a leading operator and developer of shopping centres and retail real estates in Central Europe.”
Gazit Globe had agreed to buy the remaining stake in Atrium that it did not already own in July.
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