Multiplex SITES Trust – Investor Update & Expected Realisation Notice

Further to its announcement on 18 February 2019 (here), Brookfield Funds Management Limited, as Responsible Entity of Multiplex SITES Trust (SITES RE & ASX: MXUPA), provided an update to SITES holders on the Portfolio Sale by Brookfield Australia Property Trust (BAPT).

Some conditions remain outstanding (including FIRB approval) and it is anticipated that these will be satisfied to allow the Portfolio Sale by BAPT to complete in Q4 2019.

Following completion, BAPT proposes to permanently repatriate the sales proceeds. After an investigation of BAPT's projected net asset position and cashflow post this distribution, the SITES RE believes it will be in the best interests of SITES holders to issue a Realisation Notice to holders for redemption on 31 December 2019 at face value ($100) plus the distribution payment for the final quarter to this date (Final Distribution).

A Realisation Notice will be issued following completion of the Portfolio Sale.

We had publicly revised our Hold recommendation to Buy in February and with all value now reasonably certain coupled with a traded price of $99.50 (11:00 AM, 30 September 2019), we move the recommendation back to Hold, anticipating the redemption at the end of the year.


MXU Redemptionpdf | 521 KB