CFS Retail Property Trust
(ASX:CFX) won’t go ahead with plans to sell four sub-regional shopping centres to the newly formed fund Pacific Retail REIT ahead of a planned listing on the ASX.
CFS Retail says the sale agreements had been conditional on Pacific Retail REIT successfully raising capital via an IPO and therefore the transaction was always subject to equity market risks.
But the group says the IPO has not been able to complete.
In July, the group flagged its intention to sell four Victorian centres, but said the deal was uncertain.
CFS Retail generated a net profit of $126.4 million in the first half of fiscal 2013.
