CFS to spin off four Victorian malls, use $446.5m proceeds to pay debt CFS Retail Property Trust Group said it will spin off four Australian shopping malls into a separately-listed company and use sale proceeds of $446.5 million to retire debt. The four malls, all located in mid-sized towns in Victoria, will be housed in a fund called Pacific Retail REIT, scheduled to list on the Australian Securities Exchange by September. Paying down debt will provide CFS Retail with more flexibility to invest in new developments or pursue acquisitions, the Sydney-based real estate investment trust said in a filing.