Yet another large property-related deal has succumbed to the crisis in financial markets with the collapse of the 300 mln stg sale of Kenmore, a Scottish property company, according to the Financial Times.
The report said the Edinburgh-based company had been in takeover talks since May with Mirvac, a listed Australian group. But discussions have broken down amid the credit squeeze that has derailed several other property-related transactions.
A source told the FT that Mirvac had lost its appetite for the deal at the asking price, given the state of the debt and property markets. Yields in parts of the commercial property market are rising, partly as a result of higher interest rates compared with a year ago.
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