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LONDON-Liberty International has built an 11.75% stake in Great Portland Estates (GPE) sparking fresh speculation that it is preparing a takeover bid. The shopping centre giant disclosed this morning that it has bought an additional 1.75% stake to add its existing 10% holdings in the GPE.

The appeal of GPE is the high discount to net asset value. The company is also more focused on central London offices having sold its £850 million ($1.3 billion) shopping centre portfolio. It is understood that GPE has received offers in the past valuing the company at more than £600 million ($931 million).

By lunchtime trading shares in GPE were up 2.9% at 234p ($3.63).

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