The South African-backed Growthpoint has also emerged with a 13 per cent stake in GPT Metro, which it bought from the parent GPT Group, in a bid to knock Nicholas Collishaw's​ Centuria out of the running. Centuria also holds a crucial 16 per cent interest in the GPT fund, which has placed the two predators on a par.

The battle for the fund was started by the South African-owned Growthpoint Properties in May, when it launched a non-binding indicative offer, but was then gazumped by the listed Centuria fund.

GPT has also negotiated a $9 million fee from Growthpoint and Centuria for the management rights to the GPT Metro fund.

GPT Metro is in demand as it owns six suburban-based assets, at Olympic Park in Sydney, in Brisbane, and at Hawthorn in Melbourne's east.

Centuria owns 10 office and three industrial assets in Sydney, Brisbane, Canberra and Adelaide, while Growthpoint is predominantly in capital cities, and is keen to expand to the suburbs.

Under the new offer, Growthpoint is offering $2.50 cash per GPT Metro security or $1.25 cash and $1.25 in Growthpoint, securities, based on a ratio of 0.3968, which implies a 6 per cent increase on the previous offer price.

Centuria is offering the equivalent $2.45, based on 31¢ cash and 1:1 scrip, and Centuria's most recent closing price of $2.14.

GPT Metro's Independent Board Committee said it is considering the Growthpoint takeover and will provide further updates to the market by way of a target's statement in due course, which will contain an independent expert's report and formal recommendation by each of the independent directors.

"No action is required by GMF unitholders at this time," the GPT Metro IBC said.

Growthpoint's Melbourne-based chief executive Tim Collyer said the attraction of GPT Metro is its suburban-based properties and weighting in Sydney and Brisbane.

"We have been looking to expand interstate and we see GPT Metro as a well-managed vehicle with high-quality tenants on long leases," Mr Collyer said.