MFL Mutual says it will support Argosy Property Trust's $20 million plan to bring its property management inhouse.
Argosy's plan has come under heavy fire, and investors will also consider other proposals to fire the manager, and merge with rival DNZ Property Fund, at Argosy's annual meeting next week.
MFL, which has a 22% stake in Argosy, says internalisation is the preferred outcome, and it believes it is the most beneficial for unit holders.
The proposal also has the support of Argosy's independent directors and the New Zealand Shareholders Association.
