Intu has confirmed that the consortium that was bidding to take over the shopping centre, has now said that they won’t be able to proceed.
The consortium, consisting of the Peel Group, the Olayan Group and Brookfield Property Group, said in a statement that they would not be able to make an offer in a manageable timeframe “given the uncertainty around current macroeconomic conditions and the potential near-term volatility across markets.”
Intu has said that they will re-engage with their major shareholders and also find replacement to its chief executive. Intu’s company secretary, Susan Marsden, is leading the search.
Hammerson also pulled out of a potential takeover earlier this year because the purchase was no longer of interest to the shareholders.
