Private equity giant Lone Star Funds received offers from seven investors in the first round of bidding for its potential more than £3 billion sale of London property developer Quintain Ltd., Property Week reported.

A joint venture between Oxford Properties and APG is said to be among the parties proceeding to the second round of bids in July, according to the report.

The first-round bids are believed to include offers for the entire business, for the role of investment partner and for the purchase of Quintain's 5,000-home Wembley Park development in London.

PW added that while private equity firm Terra Firma Capital Partners Ltd. submitted inquiries through Annington Homes Ltd., it is not understood to have made an offer for Quintain, the news outlet added.

Lone Star was reported to have enlisted Eastdil and Credit Suisse in March to work on the sale of Quintain as part of its efforts to reduce exposure to the U.K. market ahead of Brexit. Lone Star took Quintain private in 2015 for around £1 billion, including debt.