The Serbian Property Directorate announced that Soravia Invest, the winner of a tender to sell the building complex of the former Federal Interior Ministry, is unable to pay the entire sum at once and that it would invite the second-ranking bidder, the Swiss Private Project Management, to sign the contract.

The announcement further states that the Property Directorate decided to intervene and protect state property, because it turned out that Soravia Invest is not able to pay the agreed price of EUR 35 million in full.

After Soravia Invest won the tender, its representatives announced that the company would invest a minimum of EUR 100 million in the construction of a hotel with 400 rooms, a fitness centre, conference rooms and office space.

The Serbian Property Directorate announced the tender to sell the complex of buildings in Kneza Milosa Street in Belgrade on January 24th. The buildings space totals 22,654 square metres and was offered at the initial price of EUR 28,225,101.

The first two tenders for the sale of the complex, announced on October 24th, 2006 and December 3rd, 2006, were unsuccessful.