Do not use this showy word, or the similar word eventuate when a simpler one would do as well or better, e.g. happen, occur, come about, take place, or even the colloquial come off.
It was thought at the time that the incoming tenant would take over the fixtures. This did not however materialise. (. . . But he did not.)
Materialise has its own work to do as a transitive verb in the sense of investing something non-material with material attributes, and as an intransitive verb in the sense of appearing in bodily form.