CBA offers to internalise property groups

Bank makes 'conditional, incomplete' proposal to bring management in-house.

Commonwealth Bank of Australia Ltd has made an offer to the board of Commonwealth Managed Investments Limited to bring the management of the Commonwealth Property Office Fund (CPA) and the CFS Retail Property Trust Group (CFX) in-house.

The proposal to the retail trust group also means it would acquire the wholesale property funds management business and the integrated retail property management and development business owned by the bank.

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