Interesting notes (below) on the non-core asset sale update....

Interesting notes (below) on the non-core asset sale update. Dates for potential announcements are:

60 days due diligence from 28 Feb = 29 Apr
+ 30 days to complete sale = 29 May
+ 30 days option to extend sale completion process = 28 Jun

"Non-core asset sale update
On 28 February 2014, the Trust executed a conditional contract for the sale of the Trust’s four non-core assets, being 308 South Division Street, 900 East 103rd Street and 4527 and 4531 Columbia Avenue.

The sale of the non-core assets is subject to a number of
conditions including the completion of the purchaser’s due
diligence on all four non-core assets to the satisfaction of the purchaser, in its absolute discretion, within 60 days from 28 February 2014 and obtaining approval for the sale of all non-core assets from the Trust’s lender, ING.

Completion of the sale is expected to take place 30 days after the purchaser’s 60 day due diligence period ends, however, the contract does include an option for either party to elect to extend settlement for a further 30 days including for the satisfactory completion of loan documentation by the purchaser and the purchaser’s lender entering into certain subordination agreements with specified tenants as a condition to closing.

At this time, MFML cannot guarantee that the sale of the four non-core assets will be completed. MFML intends to provide further updates on the sale of the non-core assets, including more detailed terms of the transaction, upon the contract becoming unconditional.

Once the non-core assets sales have been completed, an opportunity may present itself to sell the realigned portfolio in one line and transfer the asset level debt 4 to an acquirer potentially mitigating the considerable debt prepayment 5 costs (approximately US$10 million 6) that would be incurred in a piecemeal wind-up scenario."