Shaftesbury, the property giant behind London attractions including Carnaby Street and Chinatown, could become a takeover target as a key shareholder is gradually building his stake.
Samuel Tak Lee, a Hong Kong billionaire, has been increasing his stake in Shaftesbury after the slump in the value of the pound following the Brexit vote.
Lee’s stake in the property firm now stands at 20 per cent, up from 18 per cent last month.
Shaftesbury and its brokers including JP Morgan Cazenove and Liberum, are believed to be expecting a takeover bid from Lee, the Sunday Times reported.
In July 2015, Lee offered to buy 9.3 per cent of Shaftesbury. However, his bid was rejected by the board as the offer was reportedly just over two per cent of the property company’s share price at the time.
The property magnate is most known for his purchase of London’s historic Langham Estate, 14 acres of prime real estate in Fitzrovia, for $75m (£60m) in 1994.
Shaftesbury, JP Morgan Cazenove and Liberum were not available to comment.