Hammerson said on Thursday private equity firm Orion does not plan to complete the acquisition of the British shopping centre operator’s seven retail parks by April 23.
Hammerson did not specify the reason why Orion was not able to close the acquisition, which was required to complete on Thursday.
The shopping centre operator said it would serve a notice to Orion and terminate the sale agreement if does not complete by May 6.
In a move to trim its debt, Hammerson said in February it would sell seven out-of-town retail locations to Orion for 400 million pounds ($493.56 million).
Source: Reuters.com