CFS Retail to become Novion Property
CFS Retail Property Trust Group will change its name to Novion Property Group on 3 November, following its internalisation. Securityholders will be asked to approve the name change of the listed company within the stapled group, CFX Co Ltd, to Novion Ltd at the annual meeting on 31 October.
Former Kiwi Income Property Trust chief executive Angus McNaughton, who’s now managing director & chief executive of CFS Retail, said yesterday: “The change to Novion Property Group represented the group’s evolution as part of our recent internalisation, with Novion being derived from the Latin word for new and the word ‘on’, reflecting across our group, the passion of our people and our ongoing desire to look for new ideas and improved solutions as we strive to create better retail property in Australia.
“Although the group will have a new name, our centres will retain their strong individual identities which reflect our bespoke approach to retail.”
The group has $A14.2 billion of retail assets under management, including $A8.9 billion held on its own balance sheet.
The Commonwealth Bank of Australia proposed internalising management of 3 of its property funds last year – CFS Retail, Kiwi Income and the $A3.9 billion Commonwealth Property Office Fund.
A joint venture between Dexus Property Group & the Canada Pension Plan Investment Board completed its takeover of the office fund in April.
Kiwi Income internalised management in December and is aiming to put a corporatisation proposal to unitholders to take effect following the conversion of its mandatory convertible notes on 20 December.