Majority shareholders of listed property investment business Augusta Capital are backing a surprise takeover offer by Australian listed giant Centuria Capital.

But minority shareholders have been told to take no action in the meantime and a meeting will be held where 90 per cent of shareholders must agree. The offer is for $2 per share, compared to the last closing price of $1.67.

The takeover offer values Augusta's issued equity at $180 million.

"Augusta Capital has entered into an agreement under which Centuria Capital Group, subject to obtaining certain regulatory approvals, will make a takeover offer for 100 per cent of Augusta shares," the announcement says.

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Augusta executive directors Mark Francis and Bryce Barnett together own 23.3 per cent of shares in Augusta.

They have made an undertaking to accept the deal and Centuria shares and struck a three-year employment agreement with Augusta.

Mark Francis of Augusta. Photo / supplied
Mark Francis of Augusta. Photo / supplied

Centuria said other Augusta shareholders, with a combined 12.9 per cent, have also agreed to accept the offer.

"Shareholders may decide to not accept the offer. However, if 90 per cent of shareholders decide to accept the offer, Centuria may exercise its right under the Takeovers Code to acquire all remaining shares in Augusta," a statement said.

Augusta manages properties valued at $2b while Centuria has A$7.3b of assets under management.

If the deal goes ahead, New Zealand investors will lose a business to buy shares in because Augusta will be de-lised from the NZX.

Another NZX listed vehicle, Asset Plus, today issued an announcement saying Augusta owns 18.8 per cent of its shares.

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Augusta also manages Asset Plus assets. The board of Asset Plus says the takeover for Augusta will not negatively impact Asset Plus or its operations.