Commonwealth Bank of Australia (CBA) said that they are in the process of seeking an avenue to leave its property management business. CBA is setting a proposal for the three of the company's listed property funds to set up management teams that will handle each property fund.

Commonwealth Property Office Fund, CFS Retail Property Trust, along with Kiwi Income Property Trust, based in New Zealand, are the three listed properties. All three property funds received a conditional proposal from CBA to internalize their organization. CBA is proposing for CFS Retail to buy the retail property, wholesale property funds management and development business from CBA.

The proposed exit by CBA would be the very last major Australian bank with a property section to distance itself from the real estate sector. The move follows the Macquarie Group Ltd. exit in 2010. Macquarie sold the management ownership for its property trusts to Charter Hall Group in 2010.