IIF sold some Canadian property assets as a distressed seller...

IIF sold some Canadian property assets as a distressed seller recently for a discount to book value of 18%.

Given that it is Canada not USA, and that assets were retail not industrial, and that IIF is more stressed than MIX, I work out the following as it relates to MIX @ 31/12/2008:

Book Value (USD) $535.7
sale discount - 18%
Sale price (USD) $439.3
Less debt (USD) - $363.8

Net equity (USD) $ 75.5
Current AUD 0.72

Net equity (AUD) $104.8
# MIX units 362,400,000

Net equity cpu (AUD) $0.289

Less hedge loses - $0.04
Less minority int - $0.04

Net proceeds to shareholders of AUD $0.209

At 8.1c still represents significant upside under this scenario...