Fund manager Blackstone has shelved the sale of Chiswick Park in west London, and is instead trying to increase its profit on an eventual sale of the scheme by refinancing.
Since October, Blackstone had been trying to sell the 1.1m sq ft office park for £800m, and overseas sovereign wealth funds had shown interest.
It bought the scheme in January 2011 for £480m, and has since developed a new 220,000 sq ft building, leased it to oil services firm Aker, raised rental values on the park, and was considering a sale to make a profit.
It now wants to refinance the park and put in place a £600m debt facility. This would allow it to recoup all its original equity and have the potential to sell at a later date. Blackstone is speculatively developing the last 315,000 sq ft property at Chiswick Park.