Limitless, a property company owned by the Dubai government, has agreed to buy London developer Minerva for about £260m, sending the company’s shares rocketing on Monday.

Limitless had a cash bid of £1.60 per share accepted by the company after months of negotiations, a premium to Monday’s opening price of 71p, but less than half the figure at which Minerva was trading this time last year. Shares in the company jumped 66 per cent on the news, and finished the day up 48p at £1.20.