The completion of Max Property Group’s debut deal has been cast into doubt.
The Och-Ziff-backed property firm said in a London Stock Exchange announcement that it did not yet satisfy the conditions of the sale. Max added it was seeking clarification from the receiver, Ernst & Young.
On 5 August, the firm said it had exchanged contracts to buy the collection of UK assets, and that completion was expected by 7 October following the “fulfillment of certain conditions relating to the receivership”.
Max raised £211 million ($351 million; €252 million) in an IPO in May.
The acquisition of the Industrial portfolio was being financed with cash and £128.3 million in non-recourse, five-year debt facility arranged by Eurohypo. The deal is expected to close in October.
Max Property was the brainchild of real estate veteran Nick Leslau.