Polish Treasury is likely to postpone the IPO of state real estate holding PHN to next year but the final decision will be taken in the first days of November, Treasury Minister Mikolaj Budzanowski and his deputy Pawel Tamborski told reporters on Wednesday.

If Poland decides to go through with the IPO, it will not sell all shares in PHN and will close the offer by mid-December, Tamborski said.

On October 23 Tamborski said Poland’s Treasury was almost ready for the IPO but admitted that market conditions were difficult to host such a debut.

PHN owns some 180 real estate properties, mostly in the Warsaw agglomeration. It operates in the office, logistics and commercial segments of the real estate business. PHN officials earlier estimated the value of the firm's real estate portfolio at PLN 3 billion.