Property loan stock company has dropped its bid to take out the assets of Fairvest Property Holdings.

Companies announce asset-management contract has been renegotiated.

REDEFINE Income Fund has set its sights on the assets of Bonatla Property Holdings and those of Fairvest Property Holdings, which will bring it in confrontation with Niki Vontas, founding director of the two listed companies, and his group.

Superficially, property entrepreneur Niki Vontas's proposed takeover of Bonatla's property portfolio is straightforward: 'a purchase consideration of R157,3m satisfied by . . . 157,3m' Fairvest units plus R20m cash.

Two of the three cautionary notices that sparked speculation of a merger between three listed property funds, iFour, A-Prop and Bonatla, have been withdrawn.

Prroperty group Gold Edge Holdings is to grow its portfolio R480m to become a R600m listed property fund in a deal with property investor Niki Vontas.

LISTED property fund Bonatla Property Holdings has been turned into a battlefield as a result of disagreements on the property fund's strategic direction.

But claims abound that he is profiteering.

Property loan stock company Fairvest has published its intention to make an 85c a linked unit offer for property investment company Bonatla.