MGPA is understood to have abandoned plans to purchase Broadgate in the City.

British Land was looking to sell a 50% stake that would have valued the complex at £2.5bn. Broadgate has an estimated £2bn debt, of which MGPA would have assumed half. This meant it would have needed to have written a £250m cheque to purchase the 50% shareholding.

According to the Independent On Sunday MGPA wanted to find a partner to share the stake, and is understood to have approached the sovereign wealth fund Abu Dhabi Investment Authority. But, it could not find a partner.

Independent On Sunday