Real-estate investment trust, Verde Realty, has withdrawn its plan for a initial public offering (IPO) worth $300 million, The Wall Street Journal reports. The company originally planned to raise its IPO in January 2011.

Verde Realty aimed to use the proceeds from the offering to repay existing debt and fund future property acquisitions and for general corporate purposes. Goldman Sachs, BofA Merrill Lynch and Wells Fargo were set to be the lead underwriters for the sale, adds Renaissance Capital.

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