Spanish property manager Azora Altus is shelving its planned market debut and listing, due to market uncertainty caused by Blackstone Group LP's bid for Hispania Activos Inmobiliarios, Reuters reported.

Blackstone recently received a regulatory go-ahead for its roughly €1.59 billion takeover of the Spanish real estate investment trust, which is managed by Azora.

The news outlet noted in its May 10 report that Hispania contributes a key part of Azora's revenue. According to the report, Azora said the decision to postpone the IPO was taken due to uncertainty caused by the takeover offer and its potential impact on its proposed business plan and bookbuilding process.

The IPO, planned for May 11, was intended to raise €500 million.