ASX-listed Macquarie DDR Trust (MDT), which owns interests in 80 shopping centres across the US, is looking for a takeover offer after its shares declined sharply over the past year.

"We believe that MDT's underlying asset value is not being recognised appropriately by the market and needs a catalyst for unitholders to realise value," Macquarie DDR Trust chief executive Luke Petherbridge told investors at a briefing.

"The review will consider all options ... including the potential to provide unitholders with a proposal to acquire 100 per cent of MDT units."

Substantial shareholders include Macquarie joint venture partner DDR (12.4 per cent), Commonwealth Bank (7.1 per cent) and Barclays (6 per cent).

The review will also look at the possibility of closing the fund by selling all assets and returning capital to shareholders.

The continued decline of the share price has sparked a re-evaluation of the trust's future. MDT closed at 5 cents yesterday, a discount of more than 95 per cent to the net tangible assets per share of $1.44.

The trust was listed on the Australian Stock Exchange in 2003 and its share price reached its highest point in February last year when it was valued at $1.38.

The share price began to fall at the end of 2007 as the credit crisis caused investors to turn their backs on the high-gearing model of listed property trusts, especially those funds with exposures to the US.

The trust's share of total assets was US$2.1 billion as at September 30, 2008 and total debt stood at US$1.2 billion, which means gearing came in at 55 per cent.

Debt was funded through 12 individual facilities, of which 95 per cent was secured by property assets while only two facilities had loan covenants.