Aviva Investors has pulled the sale of a 50% stake in the Bentall Centre in Kingston, London to Meyer Bergman Retail Partners.
A spokeswoman for Aviva said: "Due to new cashflow coming into Aviva Linked Property Fund we are no longer proceeding with the sale of a 50% share of the Bentall Centre in Kingston."
It will be a blow to Mayer Bergman which is thought to have been very close to completing the purchase for around £105m. It is also believed to have spent around three months agreeing a “pfandbriefable” covered bond financing structure with German bank West Immo to fund the purchase.
Aviva put the 580,000 sq ft scheme in Kingston on the market at the beginning of the year to either sell a 100% or a 50% stake. It received more than three bids at yields of around 7.5% for the whole centre but then asked bidders to consider whether they wished to bid for just a 50% stake in April.
Lunson Mitchenall advises Meyer Bergman; Strutt & Parker advises Aviva.