CFS shareholders back internalisation

Securityholders in the CFS Retail Property Trust have voted in favour of a proposal to internalise the group's management.

Investors have also supported a proposal for the trust to acquire the Commonwealth Bank of Australia's retail property asset management business and start managing a number of wholesale property funds.

Richard Haddock, chairman of Commonwealth Managed Investments Ltd, the responsible entity of the trust, said the vote was a strong endorsement of the proposal to create one of Australia's largest fully integrated and independently managed retail property groups.

The deal is conditional on judicial advice, as CMIL seeks to confirm it is justified in implementing the internalisation proposal.