Shares in Valad Property Group soared 20% this week on speculation of a possible takeover bid.

The shares rose from A$0.91 to A$1.09 a share on the Australian Stock Exchange after it emerged that Dexus Property Group was a potential buyer.

Dexus, formerly known as the DB RREEF trust, is run by Victor Hoog Antink and has a market value of A$5.1bn (£2.4bn). Any bid could potentially also secure backing from Deutsche Bank.

The Australian fund manager established a platform in Europe by buying the bulk of Sheffield United Football Club chairman Kevin McCabe’s £895m Scarborough property portfolio last June.