The Shareholders Association is backing a proposal to bring the contract to manage Kiwi Income Property Trust's properties inhouse, describing it as "compelling."
The move to buy the contract from the Commonwealth Bank of Australia will cost about $70.6 million.
Shareholders Association chairman John Hawkins says the move will align the interests of managment with those of investors and give them the protection of the Takeovers Code.
Mr Hawkins says the association's analysis shows the price-tag make sense.
The bank estimates likely annual savings of about $8 million before tax.
"It's hard to see that the company could use the money and get a better return in any other way," Mr Hawkins said.
"More importantly, internalisation of the management will align the interests of the management with the interests of the shareholders much better. This is likely to be the one opportunity that the unit holders have to get this internalisation."
Craigs Investment Partners analyst Chris Byrne has previously estimated buying the contract will provide a 12% return to investors, more than the trust could achieve from buying a building.
Mr Hawkins said bringing the contract inhouse will also remove the likely option of the management company being sold to an unknown third party who might pursue very different policies from the current management.
Mr Hawkins urged all investors to vote at a special meeting on Thursday as the proposal needed 75% approval to pass.