Cromwell Property has shocked investors with its decision to pull its €1.09 billion ($1.7billion) float of a portfolio of European assets, known as CEREIT.

The group told the ASX at 7pm last Friday that after feedback from its advisers and key shareholders the interest level in the float was low and possibly unlikely to gain any traction to get over the line. Marketing of the float had only started last week.

Cromwell Property Group chief executive Paul Weightman. Credit:Chris Hyde

Cromwell, run by Paul Weightman​, had already signalled that it would increase its stake in the IPO from an original 13.2 per cent to 25.9 per cent, but that failed to stir investor interest in a stable of European properties.

The float was flagged at the group's full-year results in August, with Mr Weightman saying the European real estate investment trust, to be listed on the Singapore Stock Exchange, was part of its strategy to diversify its capital sources and increase recurring income from the funds management business.