The National Property Trust is proposing to buy out the management contract owned by St Laurence for $2.5 million, and also buy back the $16 million worth of units that it holds.
The proposal follows investor concern that the involvement of St Laurence, which has gone into receivership, is tainting their investment.
David Cushing, who heads a group of investors representing a 10% stake in the trust, says he is fully behind the deal, and he believes other major shareholders will approve it too.
Trust director Andrew Walker says the proposal has the support not only of the Cushing family but the St Laurence receivers.
He says the proposal must now get the approval of 75% of unit holders at the trust's annual meeting on 30 July.