The sale of Inmboliaria Colonial, Spain’s second biggest property company, edged closer today after the Investment Corporation of Dubai lodged a bid for a 50.1% stake in the company.

Investment Corporation of Dubai is offering E1.85 a share in cash or E2.25 a share in shares, for the stake owned by the company’s two major shareholders, founder Luis Portillo and Nozar.

The pair have 48 hours to accept the bid.

If a sale goes through, then Investment Corporation of Dubai would be able to bid for the remaining shares of the company.

A sale of the company would bring to a close a troubled time for Colonial which saw its market capitalization fall by E2bn (£1.49bn) in December, as a result of a plummeting share price brought about by the resignation of Portillo and other main board members.