Hammerson has taken control of the remainder of the Martineau Galleries site in Birmingham, which has consent for a £500m scheme.
A joint venture between Land Securities, Hammerson and Ignis Asset Management brought the 2.9m sq ft development to market in 2014, with a guide price of around £25m.
However, the sale has now been pulled with Hammerson taking on 100% ownership of the galleries.
The project was frozen during the recession in 2009.
However, the scheme’s prospects were boosted when Birmingham council unveiled an 8.2m sq ft masterplan as a terminus for the HS2 Rail Link.
A spokesperson said: “Hammerson confirms that it has acquired the additional interests in the Martineau Galleries joint venture in Birmingham, giving it 100% ownership of the site.
“This acquisition will enable Hammerson to consider a number of potential strategic development opportunities in the medium term and clearly demonstrates the company’s commitment to Birmingham as a city with some of the UK’s most exciting investment prospects.”
