Brookfield Asset Management (BAM) has delayed the sale of its Citypoint tower in London after bids failed to meet expectations, forcing the company to extend debt repayments, Reuters reported Friday, citing a source familiar with the situation.
The company had aimed for 500 million British pounds ($621 million) for the 36-story office building, but received offers under 400 million pounds, leading to a halt in the sales process, the source told Reuters, adding that Brookfield could relist Citypoint if the market conditions improve.
Creditors have extended Brookfield's loan repayment deadline for the Citypoint tower to April 20, according to the news outlet.
Brookfield didn't immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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