The crisis in the credit markets means a proposed £1bn-plus refinancing of Somerfield by Robert Tchenguiz will not happen for months.
The group raised £850m in December by splitting off its freehold properties and issuing commercial mortgage-backed securities (CMBS) against the estate.
It emerged in May that the consortium was seeking to sell the properties or refinance them through a new issue of CMBS. Both options now look increasingly unlikely.
An insider said talks were continuing but admitted that a deal could take at least ‘a month or two’.
With the recent market turmoil, it has become much harder to sell asset-backed securities. The European CMBS market saw €1.5bn (£1bn) of issuance in July, compared with €11.5bn in June, according to RBS research.