Updated as at 30 June 2010
CFS Retail Property Trust (CFX or the ‘Trust’) is a sector-specific property trust which listed on the Australian Securities Exchange in April 1994, under the name Gandel Retail Trust.
In October 2002, the Trust acquired the Colonial First State Retail Property Trust, previously one of the four underlying trusts which together made up the former listed Colonial First State Property Trust Group (CFT).
For more information on CFT, or if you require information about the tax implications of selling your CFX units that you acquired as a result of your previous ownership of CFT units, please click here.
This acquisition resulted in the addition of eight new shopping centres and one mixed use asset with a value of $670.6 million to the Trust’s portfolio.
At that time, investors also approved a number of important changes to the management of the Trust and its assets. These included:
• a change of Responsible Entity from Gandel Management Limited to Commonwealth Managed Investments Limited
• appointment of Colonial First State Property Retail Pty Limited as the Trust Manager, and
• the creation of a retail property management, leasing and development company, now known as the asset management division of CFSGAM Property, to provide these specialised services to the Trust going forward.
Management changes
On 16 May 2006, the Trust was renamed from CFS Gandel Retail Trust to CFS Retail Property Trust and its Australian Securities Exchange ‘ticker’ changed from GAN to CFX.
The Trust was renamed on 16 May 2006 following the sale by the Gandel Group of its part interests in Colonial First State Property Retail (the Trust’s Manager) and Gandel Retail Management to its existing strategic partner in these entities, Colonial First State Property Limited.
In October 2002, Colonial First State Property Limited, Gandel Administration Pty Limited and Gandel Group Pty Limited (the ‘Gandel Group’) entered into funds management and property management joint ventures to manage their retail portfolios.
These joint ventures took the form of joint ownership of both the Trust’s Manager (Colonial First State Property Retail Pty Limited) and the property management, leasing and development entity (now known as the asset management division of CFSGAM Property).
The Gandel Group had the right in the seven-year period commencing three years after the implementation date (3 October 2002) to sell its interest in these entities to Colonial First State Property Limited. The Gandel Group exercised that right on 3 October 2005 and Colonial First State Property Limited settled the acquisition of the Gandel Group’s interest in both the Trust’s Manager and the asset management division.
