Max to take over Industrious Group as planned

UK real estate firm Max Property has received confirmation from the receivers of failed Industrious Group that it may complete the £232 mln (EUR 265 mln) acquisition as planned by 7 October.

Shortly after the deal was announced in early August, the company said it had been faced with an unexpected delay. Sources familiar with the situation told newswire Reuters that the delay was caused by Citigroup, one of the lenders to Industrious, which aimed to exercise 'pre-emption rights' allowing it to match the offer made by Max Property.

The portfolio comprises 706,000 m² of space throughout the UK and marks Max Property's maiden acquisition following its IPO earlier this year.