Charter Hall has pulled out of negotiations with Westpac Bank to buy infrastructure subsidiary Hastings Funds Management.

The relevation comes a month after a joint statement confirming due diligence was under way.

Neither party offered an explanation for the end to negotiations.

Real estate fund manager Charter Hall told the Australian stock exchange that it was “determined not to proceed with further due diligence”.

Westpac confirmed that negotiations had ceased and said it “will continue to assess sale options and remains committed to Hastings’ clients and the business”.

Last month, Charter Hall, which manages AUD19bn (€12.9bn) in Australian real estate, said the proposed sale provided an attractive expansion opportunity.

It would have boosted Charter Hall’s funds under management to AUD34 billion, raising it to the top tier of Australian fund management firms alongside the likes of QIC and AMP Capital.

Analysts have suggested that it would have cost Charter Hall at least AUD250m to buy Hastings, which owns and manages assets such as airports, ports, toll roads and utilities around the world.

Westpac Bank is expected to continue to look to sell the business that it acquired in the early 2000s.

Last year, TIAA and Massachusetts Mutual Life Insurance Company were named as two potential interested parties, but the talks ended.