CFT, CPA and Gan in merger. The proposal is subject to approval by unitholders in all three trusts. It involves CPA and Gandel acquiring all of the units in the four trusts which comprise CFT. CPA will effectively acquire all of the units in three of the four underlying trusts that together form CFT. These three underlying trusts hold CFT's $1.18 billion portfolio of office, industrial and high tech industrial office assets. Gandel will effectively acquire all of the units in Colonial First State Retail Property Trust - CFT's fourth underlying trust - allowing Gandel to acquire CFT's $646.8 million portfolio of retail assets. CPA will issue a total of 740.3 million CPA units to CFT unitholders to acquire the office, industrial and high tech industrial office assets of CFT and will assume about $290.5 million in debt. Gandel will issue a total of 404.4 million Gandel units to CFT unitholders to acquire the retail assets of CFT and will assume approximately $213 million in debt. CFT unitholders may elect to receive cash for their CFT units via a book build, in lieu of units in Gandel and CPA. AAP