AVJennings (ASX:AVJ) said Australia's Foreign Investment Review Board and the New Zealand Overseas Investment Office approved the proposed acquisition of the firm by Proprium Capital Partners and Avid Property Group, according to a Monday Australian bourse filing.

The deal is still subject to other conditions, including approval from AVJennings shareholders at the scheme meeting, court approval, and the satisfaction or waiver of certain other customary conditions.

The scheme meeting is scheduled for July 11.

AVJennings' directors recommend shareholders vote in favor of the scheme, subject to the absence of a superior proposal and an independent expert's conclusion that it is in the best interests of shareholders, the filing said.