The trust acquired from DDR an 81% interest in a portfolio of community centers in the US. DDR retained a 14.5% effective ownership interest and MBL acquired the remaining 4.5%. MDT is expected to list on the Australian Stock Exchange (ASX) on Wednesday, November 26, 2003.

Demand for units in MDT from both institutional and retail investors was high. The offer closed oversubscribed. A total of AUD$441.4 million was raised. The transaction was underwritten by Macquarie Equity Capital Markets Limited and UBS Advisory & Capital Markets Australia Limited.

DDR remains responsible for all day-to-day operations of the properties and will receive fees for property management, leasing, construction management, acquisitions, due diligence, dispositions (including outparcel sales) and financing. Through their joint venture company, Developers Diversified and MBL will also receive base asset management fees and incentive fees based on the performance of MDT.