The long-awaited consolidation of the listed property sector began yesterday after Mapeley, the outsourcing group, received a takeover approach from its majority shareholder, Fortress, a US hedge fund. Financial Times, The Times

The US investment group is understood to have offered about £19 a share to take the Guernsey-based property company private, a premium to yesterday’s opening share price of £14.53p but less than half its 12-month peak of about £40 per share. The shares rose 297p to £17.50 yesterday.