Rich lister John Gandel hints at support for CBA’s trust plan

Published 27 August 2013 11:36, Updated 27 August 2013 12:09

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Rich lister John Gandel hints at support for CBA’s trust plan

Through his private company, John Gandel has stepped up his direct stake in CFS Retail to 17 per cent from above 15 per cent.

Property magnate John Gandel has for the first time shown his support for the Commonwealth Bank of Australia’s proposal to internalise the management of the $5.7 billion CFS Retail ­property trust.

Gandel, who ranked at No.8 on the 2013 BRW Rich 200 list, has also tightened his grip a little on the retail property empire he created around the massive ­Chadstone shopping centre in Melbourne that he now co-owns with the listed CFS Retail trust.

In its notice to the market the Gandel Group said it was “closely monitoring its investment” in CFS Retail following the CBA’s internalisation proposal.

“Gandel notes that it would be positively disposed to a well-considered, appropriately structured and fairly priced internalisation of CFS Retail,” Gandel’s private company said.

“However Gandel reserves its judgement in relation to any internalisation proposal until it has had the opportunity to review and consider its details.”

Through his private company, Gandel has stepped up his direct stake in the listed retail to trust to 17 per cent from above 15 per cent.

Significantly, the property magnate flagged an additional 10.1 per cent interest he has, based on his first right of refusal over the Commonwealth Bank’s 10.1 per cent stake in CFS Retail.

Read the full story at The Australian Financial Review.

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