Fountainhead Property Trust’s (FPT’s) shares rallied as much as 3.93% on Thursday after Growthpoint Properties (GRT) upped its offer for Fountainhead.

Growthpoint‚ the largest property fund by market value - increased its offer from 35 Growthpoint linked units to 37 Growthpoint linked units for every 100 Fountainhead units.

The fund also reaffirmed its intention to settle or assume Fountainhead’s outstanding interest-bearing debt. By 2.23pm‚ Fountainhead had pared much of its earlier gains to be up 0.23% to R8.68‚ while Growthpoint fell 1.58% to R25.47.