Property group Minerva is set to accept a 拢258m takeover offer from Dubai real estate group Limitless.

The 160p-a-share deal was announced to the City on Monday and is subject to a process of due diligence and the recommendation of the Minerva board.

A company statement said: 鈥淭he board of Minerva would expect to recommend such an offer.鈥�

The news sent Minerva鈥檚 share price rocketing 73% to 125p in afternoon trading on Monday.

Three weeks ago the developer reportedly rejected an offer worth between 140p and 150p a share from Limitless, which is a unit of the Dubai World sovereign wealth fund.

Minerva is working on the 拢550m Park Place retail scheme in Croydon.

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