One of the best known names in Australian property Gandel yesterday disappeared from the Australian Stock Exchange listing board.
CFS Gandel Retail Trust, formerly the Gandel Group, was yesterday renamed CFS Retail Property Trust.
The Gandel Group was originally set up by one of Australia’s wealthiest men and founder of the Chadstone Shopping Centre in Melbourne John Gandel.
In October 2002, Colonial First State Property Limited, Gandel Administration Pty Limited and Gandel Group Pty Limited entered into funds management and property management joint ventures to manage their retail portfolios.
According to Colonial, these joint ventures took the form of joint ownership of both Colonial First State Property Retail Pty Limited and Gandel Retail Management Pty Ltd, the company that provided property management, leasing and development management services to the assets of the trust.
The Gandel Group had the right, in the seven-year period commencing three years after the implementation date (October 03, 2002), to sell its interest in these entities to Colonial First State Property Limited.
The Gandel Group exercised that right and, as a consequence, Colonial First State Property Limited has acquired the Gandel Group’s interest in Colonial First State Property Retail Pty Limited and Gandel Retail Management Pty Ltd.
Aligned with those changes, and also effective 16 May 2006, Gandel Retail Management will be known as Colonial First State Property Management and will continue to provide property management, leasing and development management services to the trust.
Importantly, the change of name for the trust does not affect your unitholding in the trust. The trust’s website is now www.colonialfirststate.com.au/cfx.
By Kathryn O’Meara
