A consortium weighing up a near-£3bn offer for Intu Properties, the shopping centre owner, has walked away from a deal, citing concerns about the economy and market volatility and sending Intu’s share price plummeting.

The consortium comprised Brookfield, the Canadian investor with a focus on property, the Olayan Group of Saudi Arabia and Peel Group, the property investor chaired by John Whittaker, Intu’s deputy chairman.