Assuming the ASSETS are stepped-up, the basic return won't be...

Assuming the ASSETS are stepped-up, the basic return won't be fixed, but will be about 4.8% over the 90 day bank bill rate (on the face value). This does look attractive, but there are lots of high yield options in listed property at the moment.

The other possibility is that ALZ will "re-market" the ASSETS at a step-up lower than 2.5%, depending on what alternative finance they can find.