This follows three separate non-binding offers made to the Ground Rents Income Fund board in November and December, with all of these rejected.

The £32.5m sum, the same as the third approach, is a cash offer and would see Victoria Property acquire the entire share capital of the Ground Rents Income Fund.

This represents an offer price of 34p per share, a 48.5% premium based on the Ground Rents Income Fund’s share price of 22.90p at close of business on 7th January.

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In making its offer, Victoria Property critiqued the current approach taken by the Ground Rents Income Fund in its objective which — from April 2023 — has been to liquidate its portfolio in a controlled and orderly manner.

Victoria Property highlighted that in the ensuing 20 months only three assets, totalling £11m, have been sold.

“We believe the company’s current investment policy will entail a prolonged exit period of many years with elevated operating costs, without certainty on the terms or timing of a full exit,” Victoria Property stated in an RNS announcing the latest approach.