CFS Retail cuts deal

One of the last externally managed real estate investment trusts, CFS Retail, has signed a $460 million deal with the Commonwealth Bank to internalise the vehicle. CFS Retail will pay the bank for its management rights and it will be run by the board of Commonwealth Managed Investments Ltd with two directors from the largest shareholder, Gandel Group.

One of the last externally managed real estate investment trusts, CFS Retail, has signed a $460 million deal with the Commonwealth Bank to internalise the vehicle. CFS Retail will pay the bank for its management rights and it will be run by the board of Commonwealth Managed Investments Ltd with two directors from the largest shareholder, Gandel Group.