Inmobiliaria Colonial is seeking to resume talks with Investment Corporation of Dubai (ICD), less than 24 hours after the troubled Spanish property group turned down a bid from the sovereign investment fund valuing it at about €3bn.

The Spanish group said late on Tuesday that it had “made contact with ICD…with a view to resuming talks” on the offer. Negotiations between the two sides, which began more than a month ago, formally ended on Monday night when ICD’s offer expired.