Singapore Press Holdings (SPH) has walked away from an agreement to buy six senior housing properties in Canada from Columbia Pacific Advisers for C$232.9m (€149.1m).

SPH said the parties had mutually agreed not to proceed with the acquisition and to terminate the agreement as “a matter of prudence in the light of global market instabilities caused by the COVID-19 pandemic”.

SPH entered into an agreement with the Seattle based alternative investment firm to purchase the assets, subject to subject to satisfactory due diligence, in February this year.

The Singapore-based global investor had originally planned to conclude the transaction in May this year.

The six freehold properties comprised five independent living properties in Ontario and one assisted living property in Saskatchewan.

SPH, which began its life in media, is a real estate investor. It manages a listed real estate investment trust, owns half a dozen shopping centres and aged care facilities, mostly located in Singapore.

But it has expanded its holdings offshore in recent years.