Old Mutual Property, the property asset management arm of Old Mutual SA, said on Tuesday it had scrapped plans to list its fund on the JSE, opting rather to retain assets.

Old Mutual Property announced in August 2010 that the potential IPO and listing of the Triangle Real Estate Core Fund.

Ben Kodisang, MD of Old Mutual Property, said: "We have been reviewing various alternatives to enhance the value of the Triangle Fund and, given the changing market conditions, believe it is in the best interests of the Triangle investors to forego our listing plans at this time and rather enhance the value of the portfolio internally."