The cornerstone shareholder in Vital Healthcare Property Trust is attempting to lift its stake.
Canadian property investor Northwest Value Partners owns just under 20% of the medical property landlord and also manages the trust's portfolio.
It intends to buy a 5% stake of related entity Northwest International, and under a Restricted Transfer Notice will pick up units for between $1.15 and $1.38 each over the next year starting in 24 April.
Since that would take its holding above 20% the offer automatically triggers a full takeover bid.
However Vital's chairman Graeme Horsley says Northwest is content with a 25% stake.
Mr Horsley says an appraisal report on the offer will be commissioned in the next 15 working days.
Unit holders remain free to trade their units, but Northwest cannot do so until the offer opens on 24 April.
Vital Healthcare Property Trust's units recently hit a year high of $1.39 and at present are trading at the top end of the range at about $1.36.