ApexHi withdrew the cautionary relating to the proposed Fairvest transaction and said it was now looking to acquire a small portion of properties in the Fairvest portfolio.

The withdrawal of this cautionary notice came a day after ApexHi's sister company, Redefine Income Fund, withdrew its cautionary relating to its attempt to take out the assets of Bonatla Property Holdings.

ApexHi's MD Brian Azizollahoff said the withdrawal of the group's cautionary had nothing to do with moves taken by Redefine.

He said the group discovered that not all properties in Fairvest suited ApexHi's strategic objectives. The group was pursuing those properties which suited its high property portfolio.

Bonatla and Fairvest were established and controlled by property entrepreneur Niki Vontas.

Redefine and ApexHi appeared to be acting in concert when they, on the same day, announced their intentions to acquire the assets of Bonatla and Fairvest respectively.

These offers followed Vontas' initiative to merge Bonatla and Fairvest.

Vontas was said also to be reacting to attempts by some groups to have Bonatla's assets for a song.

Acting through RMB Properties, insurance group Momentum came amid the confusion to claim the assets of Bonatla.

Momentum made a 72c a unit offer to Bonatla beating the all the previous offers by a large margin.

Redefine withdrew its cautionary on Wednesday saying it has received notification that the majority of Bonatla's shareholders have accepted an offer from Momentum.

Vontas said on Thursday "what we have done in both Fairvest and Bonatla is to pursue deals that are best for shareholders".

He said the new ApexHi/Fairvest deal was a friendly one and freed Fairvest strategic directions.