Shelbourne Development pulls out of €365m deal

SHELBOURNE Development has pulled out the purchase of the Lloyds Building in London. The deal was worth €365 million.

Shelbourne decided to walk away from the deal following the discovery of cancer in the concrete structure of the building, technically known as Alkali Silica Reaction (ASR).

Shelbourne Development entered into exclusive negotiations over six months ago with Deka, a German investment company which bought the building from Lloyds in 1996.