Commonwealth Bank of Australia
(ASX:CBA) is proposing to bring the management of the Commonwealth Property Office Fund
(ASX:CPA) and the CFS Retail Property Trust
(ASX: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.
The board of CMIL, who acts for both CPA and CFX, said the bank’s proposal was highly conditional, indicative and incomplete.
The board is considering the proposal but offered no assurance it will proceed.
CBA generated a record net profit of $3.6 billion in the first half of the 2013 financial year.
