(Bloomberg) -- Shaftesbury Capital Plc has scrapped plans to sell a portfolio of properties in London’s Fitzrovia district after bids fell short of expectations. 

Instead the real estate investment trust plans to dispose of the buildings individually or in smaller groups betting it will achieve a higher value overall, according to people with knowledge of the decision. The landlord had been seeking offers for a portfolio that includes restaurants and bars, offices, stores and apartments that were valued at about £118 million ($147 million) at the end of June, the people said, asking not to be identified as the plan was not public. 

A spokesman for Shaftesbury declined to comment. 

Investors were prepared to pay a premium to acquire larger portfolios during the low-interest rate era, as it allowed them to invest more efficiently and at scale. But the sharp shift in monetary policy has upended that dynamic, making financing deals more challenging and pushing buyers toward smaller transactions. 

Shaftesbury Capital was created through the merger of Capital & Counties and Shaftesbury Plc and the combined group has drawn up plans to dispose of about £250 million of its £5 billion portfolio following the completion of the deal. It intends to focus on areas including Covent Garden and Soho where it sees more room for rental growth, than for its properties in Fitzrovia, the people said.

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