Max Property Group (MPG) has said that the finalisation of its maiden acquisition of the Industrious portfolio in the UK has been delayed.
Max Property Group (MPG) has said that the finalisation of its maiden acquisition of the Industrious portfolio in the UK has been delayed.
Earlier this month, MPG confirmed it was to buy the portfolio from Ernst & Young for EUR 274 mln. Ernst & Young is acting as receiver for the Industrious Group. Completion of the acquisition was expected to occur by 7 October 2009. MPG was advised by Franc Warwick. King Sturge acted for Ernst & Young
In a short statement issued on Thursday, London-listed MPG said it had been informed by the receivers that they have not yet been able to satisfy the conditions to completion of the sale.
'MPG is seeking clarification from the receivers and will provide a further update as soon as possible,' the company said.
