Review at 26.Sydney - Friday - July 25: (RWE Aust Business News)...

Review at 26.

Sydney - Friday - July 25: (RWE Aust Business News) - Macquarie
DDR Trust (ASX:MDT) has announced debt refinancing initiatives and debt
covenant improvements, as well as results of the June 2008 revaluations.
It has agreed terms to refinance $US291 million of debt due to
expire in December 2008.
The deal will improve the Macquarie DDR's weighted average
maturity profile from 1.9 years to 3.3 years with no further borrowings
maturing until June 2009.
The new facility has been structured as a $US268m seven-year
fixed-rate loan and $US102.5m three-year floating-rate loan.
The trust has agreed terms with the Macquarie DDR level lender to
increase gearing covenant from 60 per cent to 65pc of total assets.
Revaluations for 30th June 2008 have been finalised resulting in
an overall portfolio devaluation of 4.4pc compared to book values at 31st
December 2007.
Revaluations were undertaken on all 82 properties in the
portfolio. Independent revaluations were undertaken on 22 properties and
the other 60 properties were revalued by directors based on market
evidence.
The trust also confirmed, in response to articles in the media
speculating on Mervyns' financial position, that Mervyns was up to date
with its rental payments.
Negotiations are continuing for the sale of over $US140m in
assets.
Acting chief executive Simon Jones said the trust has made
substantial headway on important initiatives.