CFS Retail Property Trust (CFX)

Shares / Stock Code

CFX

Stock Exchange / Sharemarket

Australian Securities Exchange

CFS Retail Property Trust (CFX) is a sector-specific property trust which invests in retail property. The trust mainly focuses on the acquirement and development of quality shopping centres across Australia. Its property portfolio had 24 retail assets by June 30, 2007. CFS Retail Property Trust is managed by Colonial First State Property Retail Pty Ltd. CFX listed on Australian Stock Exchange on 7th of April, 1994 under the name Gandel Retail Trust. The Trust acquired the Colonial First State Retail Property Trust in October 2002, previously one of the four primary trusts which jointly made up the former listed Colonial First State Property Trust Group (CFT). As a result of this acquisition eight new shopping centres and one mixed use asset worth $670.6 million were added to the Trust’s portfolio.

At that time, the trust also went through a number of important changes regarding its management and assets. These changes included: a transformation of Responsible Entity from Gandel Management Limited to Commonwealth Managed Investments Limited, appointment of Colonial First State Property Retail Pty Limited as the Manager of Trust, and the formation of a retail property management, leasing and development company, presently known as Colonial First State Property Management, to offer these specialised services to the Trust going forward.

CFX has combined size, comparatively low gearing and long-term development upside at most centres unlike other retail listed property trusts. CFS Retail Property Trust is a pure play retail sector trust. The Trust derives its earnings from a well-diversified portfolio of Australian shopping centres.

CFS Retail Property Trust History

The trust listed on ASX on 7 April 1994 after purchasing a number of Victorian shopping centres from the Gandel Group. Since listing, management has been engaged in acquiring other shopping centres outside of Victoria. These acquisitions have been financed through the issue of debt and equity raising. Colonial First State acquired Gandel Group's 40% share in the trust as of May 2006. The Trust name was changed from CFS Gandel Retail Trust to CFS Retail Property Trust on 16 May 2006, with its Australian Stock Exchange ‘ticker’ changed from GAN to CFX.

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 in October 2002, to manage their retail portfolios. These joint ventures were transformed into the joint ownership of both the Trust’s Manager and the property management, leasing and development entity. The Gandel Group sold its interest in Colonial First State Property Retail (the Trust’s Manager) and Gandel Retail Management to Colonial First State Property Limited which settled the acquirement of the Gandel Group’s interest in both the Trust’s Manager and the property management entity.

Commonwealth Managed Investments Limited, the Trust’s Responsible Entity is entirely in charge of the overall management of the Trust and the actions of Colonial First State Property Retail Pty Limited which manages the trust. By 31 December 2007, the Trust had 25 retail assets and total gross assets of $7.3 billion.

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