A shopping centre owner with malls in north and east London has had a blow in its search for a buyer after a major property investor said it wasn't in the running. 

Property firm Praxis Group confirmed today (September 10) that it has "no intention to make an offer" for Capital & Regional. 

Praxis made headlines in July after announcing its interest in a potential acquisition of the shopping centre owner, which has been on the market since May. 

Capital & Regional's search for a buyer is reported to have followed a period of increased footfall at its properties across the country. 

Just last year the shopping centre owner recorded a 1.5 per cent increase in footfall at their malls, taking it up to roughly 44.5 million visits. 

The figure represented around 87pc of visiting customers pre-Covid19 lockdowns throughout 2020 and 2021. 

The shopping centre owner's properties include the The Mall in Wood Green, Exchange in Ilford, and 17&Central in Walthamstow.

Praxis was issued a deadline of September 12 to make the formal offer alongside NewRiver REIT, which had also expressed interest. 

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Capital & Regional's share price plummeted after the Praxis statement was made.

Praxis advised it could revisit the deal under certain conditions, including another party making a formal offer.

Last year, Praxis bought the Brindleyplace campus in Birmingham city centre for £125 million in a joint deal with private credit firm, Veld Capital. 

Reporting by PA.