UK property investment and outsourcing company Mapeley said on Friday it had ended talks with an unnamed suitor after it successfully refinanced £257 mln (EUR 325 mln) in debt. Mapeley was reportedly in talks to be bought out by its majority shareholder, US hedge fund Fortress, although Fortress’ involvement was never confirmed. Mapeley had announced on February 26 it was in discussions relating to a possible bid for the company.
UK property investment and outsourcing company Mapeley said on Friday it had ended talks with an unnamed suitor after it successfully refinanced £257 mln (EUR 325 mln) in debt. Mapeley was reportedly in talks to be bought out by its majority shareholder, US hedge fund Fortress, although Fortress’ involvement was never confirmed. Mapeley had announced on February 26 it was in discussions relating to a possible bid for the company.
Earlier this month Mapeley revealed a 23% drop in 2007 net asset value as a result of a downturn in commercial property values. ‘Our robust business model and the resilience of our income streams position us well to continue to deliver consistent returns,’ Mapeley chief executive Jamie Hopkins said in a statement announcing the end of the bid talks.
