Poland's State Treasury will sell 25 percent of shares in real estate holding Polski Holding Nieruchomości (PHN) within its IPO, the company said in a statement. The stock exchange debut is scheduled for the first quarter of 2013.
After the IPO, the Treasury will sell a major stake in PHN to a strategic investor. PHN was created in 2011 by combining several state-owned real estate companies. It manages commercial, office and residential buildings, including Warsaw's well-known Intraco building.
The assets of PHN were valued at zł.2.34 billion in September of 2012. It will be one of the biggest state offerings this year. And Poland plans to sell at least zł.5 billion of assets in 2013, compared to zł.9.2 billion that it earned in 2012.
Grupa Radius, a Polish real estate firm, last year put out a statement that it was interested in buying a stake in PHN. Mennica Polska, a publicly-traded mint, has also expressed interest.
From Warsaw Business Journal
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