GPT Metro Fund is the first cab off the rank when it reports its full-year results on Tuesday. The fund is also expected to release its target statement at the same time, which will include the independent expert's report.

Centuria​ Metropolitan Fund, run by Nicholas Collishaw, made a cash and scrip offer for GPT Metro but has been gazumped by the South African-owned Growthpoint Properties, which offered a higher cash bid and bought a 13 per cent stake in the fund from GPT Group. Centuria remains the largest shareholder with 16.1 per cent in the fund.

There is also a dispute over a $9 million facilitation deed which Centuria says it signed with GPT and should be honoured, a move GPT Group has denied.

For Centuria, it will wait for the GPT Metro fund results and then decide whether to increase its offer, walk away or even accept the Growthpoint bid. One insider said the Centuria board is disappointed that GPT's sale to Growthpoint has created the current stalemate.

At stake is GPT Metro's six suburban office assets across Melbourne, Sydney and Brisbane. Centuria is keen to increase its listed metro fund, while Growthpoint will use the assets to increase its presence in the metropolitan NSW and Brisbane office markets.

The imbroglio comes as Centuria last week boosted its portfolio with the settlement, in partnership with a fund managed by global investment manager BlackRock, on The Zenith, an office asset located at 821 Pacific Highway, Chatswood. The property was purchased for $279.1 million.

Centuria's 50 per cent stake in The Zenith will be held in a single asset unlisted property fund, the Centuria Zenith Fund.

Jason Huljich​, chief executive of Centuria Unlisted Property Funds, said that investor demand for the Fund has been high and that "the fundamentals of Sydney's north shore office market are strong, and The Zenith which is one of the best office properties in the area should benefit from the improving market fundamentals as well as increased infrastructure such at the new Metro rail line".

In preparation of its $500 million IPO on Friday, August 5, Propertylink has lodged with the Australian Securities and Investments Commission (ASIC) a Supplementary Prospectus/Product Disclosure Statement.

It includes the option agreement made last week by the Propertylink Enhanced Partnership (PEP) with Denison Funds Management to acquire a portfolio of industrial, logistics and warehouse assets for $142 million

The Denison portfolio will be acquired by PEP, a new external fund in which Propertylink and Goldman Sachs will be the investors

The portfolio comprises 9 industrial and logistics assets located in New South Wales, Victoria, Queensland and Western Australia with a weighted average lease expiry (WALE) of 3.25 years

Propertylink has agreed that PEP will acquire a further four non-core properties from Denison for $28 million should third party buyers, which Propertylink has identified to acquire those properties, not complete their acquisitions;

The recently-appointed chief executive of Propertylink, Stuart Dawes, said: "The acquisition of the Denison portfolio is an opportunity to source a sizeable portfolio of assets with significant upside that can be unlocked with Propertylink's management expertise to deliver superior risk weighted returns."

"The core properties are well-located and present strong investment fundamentals with 70 per cent of tenants being either publicly-listed companies, multinational companies or Australian Government departments," Mr Dawes said.