Poland’s State Treasury announced late on Tuesday that it has closed the due diligence process for real estate group Polski Holding Nieruchomości (PHN) without selecting an investor.
The Treasury Ministry had earlier said that there were investors interested in buying a majority stake in PHN. The sale process was launched earlier this year and a virtual data room was available for potential investors until mid April.
According to reports from Polish media, Lone Star and Ghelamco were interested in buying the stake.
The Treasury now holds an almost 73-percent stake in PHN after having sold a minority holding in the company’s IPO on the Warsaw Stock Exchange in early 2013. It has since planned to sell a majority stake in a second stage of privatization.