This article is from the Australian Property Journal archive
VALAD Property Group has entered into a trading halt yesterday as reports emerged that US private equity firm Blackstone has made a takeover bid.
Valad yesterday requested a trading halt until May 02.
“The reason for the request is that Valad is in discussions with a third party in relation to a material transaction regarding the whole of the Valad business,” the group said.
Valad has over $8 billion in assets under management globally but has struggled with debt and to lower its gearing, which is at 51.3% as of December 31 2010.
Recently Peter Hurley resigned as the CEO of Valad following his unsuccessful bid for Valad’s European business, which has $6.4 billion of assets under management.
Australian Property Journal
