Irish property company, Shelbourne Developments, has pulled out of buying the Lloyd's building, writes Angelique Ruzicka.
Shelbourne had been in discussions with German investment company Deka to buy the building outright for £240m. But Shelbourne was reluctant to go ahead with the deal because of the alleged potential presence of ASR or 'concrete cancer'.
Representatives of Deka denied ASR was responsible for Shelbourne's U-turn.
Simon Barowcliffe, executive director of CB Richard Ellis, the property firm which advised Deka said: "The deal is no longer going through but this is not in relation to the ASR dispute. Shelbourne has pulled out because of money issues."
A spokeswoman for Shelbourne Developments said they were still in the dark on the deal.
