Multi Developments has cancelled the sale of its 50% stake in the 414,000 sq ft Southgate shopping centre in Bath.
The Netherlands-based developer has decided to pull the sale after bids did not match its aspirations.
Managing director Paul Sargent said: “We will wait for the scheme to be completed, which is expected in summer 2012, and fully let before reconsidering a sale.”
Multi was seeking around £150m – a circa 5% yield – for its stake in the mall, which it co-owns with Aviva Investors. It attracted initial interest from British Land, Land Securities and Oxford Properties. Bids are understood to have been in excess of £100m.
DTZ was advising Multi on the sale.
