The fallout from Woolworths' decision to exit its loss-making Masters DIY chain has spread, with ASX-listed fund manager APN Property Group deferring the launch of a new unlisted retail fund that would have included the mothballed Masters store in South Nowra.

The fund manager is also reviewing its July agreement to acquire the now nearly completed Masters store plus two neighbouring retail properties – a Shell Service Centre and a Hungry Jack's – with the developer, CVC Private Equity.