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Minerva, property investment company, has rejected a takeover offer by Limitless, the property development arm of the Gulf state of Dubai, it has been reported.
The pair met two weeks ago and Minerva rebuffed the Middle East state's initial bid, the Telegraph reported banking sources as saying.
It revealed there has been no further contact between the pair after Limitless's offer of £226 million - £242million was rejected.
Minerva has seen its shares fall heavily following falling commercial property values and debt worries.
The company, in its 2007 half year report, detailed an "adverse change in financial sentiment across the globe".
It chairman, Oliver Whitehead, observed: "The uncertainties in the financial markets have adversely affected funding of real estate transactions."
Limitless is one of several overseas funds taking an interest in commercial property in London. Recently, prices have fallen heavily attracting investment firms from around the world.
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