Shaftesbury has confirmed that Hong Kong developer Samuel Tak Lee has offered to buy nearly £230m of shares in the company.
The purchase will take Lee’s holdings in Shaftesbury to more than 13% if the board accepts his offer, which is under review, according to the company.
Lee has invested in the company previously, having held about 5% of the company’s stock before selling a large part of it in December last year and reducing his holding to about 2.75%.
Shaftesbury said that the offer had “not been solicited by the Shaftesbury board” and urged shareholders not to take any action.
The company’s share price, however, dropped on early trading after the announcement but remained above its one-month average.
Shaftesbury is well placed to take advantage of the increasing revenue and rents from the booming retail market in London’s West End, where the company owns more than 580 restaurants and shops.
A significant amount of its holdings are also located a short distance from Crossrail stations in the area, which are expected to boost footfall to retail and leisure outlets in the coming years.
