In a statement, Mr Weymouth said: "Whilst obviously disappointed with having to take this course of action, we would like to reiterate that as long-term investors in Milton Keynes the joint owners, Hermes and Prudential, remain firmly committed to the city.
"We believe that our proposals for the redevelopment of thecentre:mk which have outline planning permission, remain key for the future of Milton Keynes. They also represent the best opportunity to bring better shops, more restaurants, more car parking and crucially to create a more pedestrian friendly, connected city centre.
"We will continue to work closely with English Partnerships, Milton Keynes Partnership and Milton Keynes Council in order to provide the best possible solution for the continuing revitalisation of the retail heart of the city.
"We will continue to fully communicate our intentions to all relevant parties and will make further announcements at the appropriate time."