UK property company MWB Group said it is postponing the sale of its hotel, retail and office units because of the 'current economic climate'. The group said the credit crunch makes the disposal 'less likely to be achieved at prices reflecting the current financial success and strong brand values'. It added that the deadline for the sale has been extended by two years to December 2010.
UK property company MWB Group said it is postponing the sale of its hotel, retail and office units because of the 'current economic climate'. The group said the credit crunch makes the disposal 'less likely to be achieved at prices reflecting the current financial success and strong brand values'. It added that the deadline for the sale has been extended by two years to December 2010.
'It remains the clear intention of the whole board to sell these businesses as soon as market conditions recover sufficiently to realise full shareholder value', MWB said in a statement on Friday. Financial bank Lazard has been retained to oversee the disposal.
Last year the company, which owns the Malmaison and Hotel du Vin property portfolios as well as upmarket London retailer Liberty, said it was in talks to sell the hotel unit, worth some EUR 1bn, to Vector Hospitality. The sale fell apart in June when Vector was forced to cancel its IPO due to lack of investor interest.
