UK property giant Landsec is understood to have missed out on its bid to buy a majority stake in the successful Liverpool One mall from Abu Dhabi Investment Authority (ADIA), according to reports.

ADIA had hired global real estate services company JLL to search for a buyer for its 69% take in thriving 153,000 sq m shopping centre for around £350 million. However, those sources told PropertyEU it had pulled out of the deal last month.

Although neither ADIA nor Landsec had confirmed their discussions, the latter’s CEO Mark Preston is reported to have said it wanted to buy more strong shopping centres while they are still available at historically low prices, according to PropertyEU.

But sources said those low prices were ADIA’s reason not to sell, given that prime shopping centres were enjoying strong operational performances, particularly  seen at Liverpool One.

In December, Landsec, whose current portfolio includes the Bluewater mall in Kent, St David’s in Cardiff, and Trinity Leeds, said it had begun transforming its retail operating model increasing its commitment “to creating maximum value for its brand partners” while “going above and beyond expectations for the millions of guests that visit its UK-wide destinations each year”. 

Rival commercial property giant Grosvenor, whose portfolio is mostly centred in central London, holds a stake in Liverpool One but is seen as being the main driver in the city centre mall’s success, attracting big-name retailers.