Failed £285m deal sees Adelphi back on the market

The Adelphi building off the Strand in London's West End, is expected to be put back up for sale in the next few weeks.

The Art Deco landmark was thought to have been snapped up by fund manager Perella Weinberg last year, but the deal has come unstuck due to onerous debt terms. Perella Weinberg offered £285m, slightly under the asking price. Current owner Istithmar, the Dubai government-owned investment firm, is hopeful that it can still attract similarly sized offers when agent CBRE puts the building back on the market.