Orion European Real Estate Fund V has walked away from a deal to buy Hammerson’s £400m retail park portfolio.
Orion will lose a £21m deposit as a result of its decision, which has been held in escrow by Hammerson’s solicitors.
Both parties had exchanged unconditional contracts on 20 February. However, Orion had notified Hammerson that it did not intend to complete the deal by its deadline on 23 April.
Hammerson had extended the date for completion to today but Orion notified Hammerson it had resolved not to complete after close of business yesterday.
The sale and purchase agreement has been terminated as a result.
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