THE firm behind Newport's Friars Walk has six months to find a new buyer for the shopping centre after a deal with a Canadian property management firm fell through.

According to Property Week magazine, The Canadian company Talisker Corporation had been under offer to buy the 390,000 sq ft mall for a number of weeks before discussions broke down.

It said although the collapse of the deal is not related to last week’s referendum vote to leave the EU, it could have serious repercussions for Queensberry in the post-Brexit landscape.

A spokeswoman for Friars Walk owners Queensberry Real Estate said: “Discussions have been taking place with a number of interested parties regarding the sale of Friars Walk.

"This includes a potential Canadian purchaser, which in this instance has not led to an agreement. We are continuing discussions with several other interested parties to negotiate the sale of the £110million asset.

“Negotiations are also underway for the majority of the remaining retail and restaurant units and trading figures are hitting forecast projections. We are continuing to work closely with Newport City Council on all activity.”

Queensberry appointed agents at BNP Paribas Real Estate to sell the property in September last year.

It has previously been reported, on an industry website, that Queensberry were preparing to sell the centre for a reported £120m but the firm behind the development would not confirm the possible asking price for the site.

The long-awaited centre was able to be built after Newport City Council lent Queensberry £90 million as a funding package to ensure the scheme got off the ground.

Will Godfrey, chief executive of Newport City Council, said under the legal agreement with the council, Queensberry has to repay the council loan plus interest by December 2016.

He added: “We understand that negotiations between Queensberry Real Estate (QRE) and a number of potential purchasers are ongoing and, in the meantime, they continue to let the remaining retail and restaurant units."

More than five million shoppers visited Newport's Friars Walk in the first six months after it opened to the public in November 2015.