Hammerson PLC (LON:HMSO) announced that Orion European Real Estate Fund is not looking to complete an acquisition agreed two months ago.
The two investors exchanged contracts in February to offload seven retail parks for £400mln.
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The transaction was scheduled to complete on Thursday but Orion told Hammerson it is not going ahead with it.
A new deadline will be set for 6 May and, if the money is not received by then, Hammerson will terminate the agreement and receive the £21mln deposit currently in escrow.
Shares slipped 4% to 58.2p on Thursday afternoon.