MULTIPLEX is considering selling a further £200 million of UK property assets as it takes in the news that the FA Cup final will not be staged at the new Wembley Stadium that it is building.

The Australian property group is understood to be considering the sale of its stakes in several shopping centre projects. These include the Octagon Centre in High Wycombe, Buckinghamshire, the Harvey Centre, Harlow, the Queens Arcade, Cardiff, Charter Walker in Burnley, Lancashire, and the Rushmere Centre, Craigavon.

Multiplex is also thought to be eyeing the sale of its stake in a proposed £700 million mixed-use scheme at Paddington Basin in West London.

DTZ, the property consultant, is already close to selling Multiplex’s Buchanan House, a 200,000 sq ft office building in Glasgow, for an estimated £55 million.

Multiplex said last year that it would look to sell non-core assets to recycle its capital.

Last December Multiplex gave warning that losses on Wembley would reach A$170 million (£72 million) but this figure is thought to have widened since then.

The group has appointed James Tuckey, the former chief executive of MEPC, as executive chairman of its UK operations and Jayne McGivern, the former managing director of Anschutz Entertainment Group, as head of its UK development division.

Andrew Roberts, chief executive of Multiplex, has insisted that the appointments underscore the group’s commitment to building a substantial and successful business in the UK.However, Multiplex has struggled in Britain to replicate the success it has enjoyed in Australia.

The company is one of a consortium of developers hoping to build Stratford City, a mixed-use development that will house part of the Olympic Village in East London.

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