Commonwealth Bank of Australia (CBA) has submitted proposals to the Commonwealth Managed Investments Limited (CMIL) board in relation to separate potential internalisations of each of Commonwealth Property Office Fund (CPA) and CFS Retail Property Trust Group (CFX).
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The proposal in relation to CFX also incorporates CFX acquiring the wholesale property funds management business and the integrated retail property management and development business owned by CBA.
The CMIL board will now consider the proposals on behalf of CPA unitholders and CFX securityholders in its capacity as the responsible entity of the trusts.
CBA has submitted a similar proposal to the board of Kiwi Income Property Limited (KIPL) for the internalisation of the Kiwi Income Property Trust (KIP).
CBA said that there is no certainty that any of the proposed internalisations will proceed as the three proposals are indicative, non-binding and incomplete.
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