AXA IM Real Assets has withdrawn from talks to buy a 25% stake in Kent’s Bluewater shopping centre from Lendlease, it has emerged.
The investment arm had been unable to agree a price for the stake at the centre.
Lendlease is now considering other options, which include putting its investment back on the market.
It had put its share in the 1.8m sq ft centre up for sale in June last year for around £600m, as part of the wind down of its £900m Lendlease Retail LP fund.
It decided at the time to sell its stake separately to Singaporean sovereign wealth fund GIC, which had agreed to consider bids for their combined stakes together.
GIC owns a 17.5% stake valued at around £400m that is for sale through Knight Frank.
In September a 7.5% stake was traded for £155m by Hermes, which sold to Royal London Asset Management.
The remaining 20% is owned by M&G Real Estate (17.5%) and Aberdeen Asset Management (2.5%).
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