Property investment firm Mirvac Industrial Trust (ASX: MIX) said on Friday that a default would most likely occur on its $123.5 million debt facility following the company's forced re-negotiations in extending the facility's maturity date on August 7.

Mirvac Funds Management Ltd (MFML), which handles the business dealings of the trust, said that the special servicer of the debt facility was replaced, prompting for the facility discussions to be restarted.

MFML noted too that a prior agreement for a maturity extension with the replaced special servicer had been actually reached though the deal would need the execution of loan modification documents.

But with the sudden change of the servicer, discussions were reverted to square one, which according to MFML have already begun anyway but would unlikely lead to any significant headway before August 7, automatically rendering the trust in default from then on.

MFML gave assurance though that they will provide regular update on the debt extension negotiations.

In a related development, the Mirvac Group (ASX: MGR) announced on the same day that it has sold 8.55 million of its shares at $1.365 to participants of the scheme implementation agreement in taking over the Westpac Office Trust, acquisition of which was finalised earlier this week.

The twin developments pushed down both securities by Mirvac Industrial Securities and Mirvac Group and by 1042 AEST on Friday, the former's shares were trading at 2.8 cents, shedding 0.4 cent while the latter's shares were trading at $1.36, losing 0.5 cent from the previous trading day.