Industrial giant ProLogis’s shares have jumped by almost 20% this week as takeover rumours surround the company.

The New York-listed REIT’s shares went up from $5.26 on Monday to $6.56 today.

Reports have suggested that the rise in the share price could be due to unconfirmed rumours that Abu Dhabi-based investment company Waha Capital has made a $3.1bn bid for the company.

ProLogis declined to comment. Waha Capital was unavailable for comment.