Old Mutual spokesman Stephen Bowey yesterday declined to comment, saying the group did not "comment on speculation".

But unlisted Marriott Holdings confirmed it had received an offer from Old Mutual Properties.

Marriott Holdings CEO Simon Pearse said yesterday Marriott Holdings received an offer from Old Mutual Properties last week to buy the "entire business" including Marriott Corporate Property, The Income Specialists and Marriott Corporate Property Bank.

"The shareholders of Marriott are seriously considering the offer as Old Mutual has indicated that their intention is to leave the business largely intact and lend their support to growing it," said Pearse.

The majority shareholder of Marriott Holdings is Grindrod, which owns 50%. Old Mutual Properties is not a shareholder at the moment.

Pearse said he could not disclose the offer price.

Marriott Holdings manages assets worth more than R20bn, but the offer price is not expected to be more than R500m.

It also manages listed property funds SA Retail Properties, Martprop and Ambit Properties.

Angelique de Rauville, MD of listed property portfolio management company Provest, which is part of the Investec Property Group, said Provest speculated the offer transaction would not be worth more than R500m.

"I would imagine it (the offer) would be based on a 10% to 15% price-to-earnings multiple based on the fact that many listed financial services companies are currently trading at those ratios on the JSE," said De Rauville.

"It is very encouraging to have Old Mutual enter the listed property sector from a fund management and property management point of view via the Marriott acquisitions," said De Rauville.

Marriott is at the centre of a battle with listed property loan stock company Hyprop Investments, which is trying to take over SA Retail.

Hyprop unitholders have approved plans to pursue a hostile takeover of SA Retail.

In a surprising turn of events last month, more than 60% of Hyprop unitholders voted in favour of the takeover bid.

Some listed property commentators, and Marriott, maintained that Hyprop’s inability to secure a majority interest in SA Retail would see unitholders vote against the plan.