At least two potential bidders are preparing to swoop on the National Property Trust once a management contract is internalised.
The trust is proposing to pay St Laurence, which is in receivership, $2.5 million to quit its management contract, and acquire about $16 million worth of units held by St Laurence.
The proposal has the backing of major institutional investors, but it now needs the approval of 75% of all unitholders at the company's annual meeting next month
ING, which has an 8% stake in National Property Trust, is the largest investor after St Laurence.
ING investment manager Craig Tyson says the internalisation of the trust's management structure will open opportunities for it to be merged or acquired by a rival.
Mr Tyson says the Trust has already had talks with at least two interested parties in preparation.
He says the cost of buying out the management contract is a bargain and is in the best interests' of all unit holders.
