Praxis pulls out of CapReg race

Praxis has said it has “no intention” of making a bid for shopping centre owner Capital & Regional. The group, which entered the race to take over the group in July, had until 12 September to make a formal bid for the company. Its exit from the talks leaves NewRiver REIT in the bidding. It also has 12 September as its deadline to make a formal offer. Bidders have been circling Capital & Regional since April. Other potential suitors had included South Africa’s Vukile Property Fund, however, it walked away from a takeover in May after failing to reach an agreement. Capital & Regional, which owns shopping centres in Edinburgh, London and Kent, said it has assets valued at more than £370m.   Photo from Capital & Regional