This article is from the Australian Property Journal archive
Valad Property Group has completed an institutional placement of 67.7 million securities raising $98.2 million.
Valad’s chief executive Guy Farrands said the strong demand for the placement demonstrated by investor support Valad’s future direction.
“The funds raised from the placement will enable us to continue to take an opportunistic, lateral approach to real estate transactions, and deliver added value to VPG investors,” he added.
The proceeds of the offer will provide VPG with enhanced balance sheet capacity as it pursues its significant transaction pipeline.
Valad recently booked a record net profit of $78.9 million for the year ending June 30, 2006 – an increase of 169% when compared to $29.3 million in 2005.
In addition, Valad was involved in $1.2 billion in transactions during the year, of which 90% of all acquisitions were made off-market.
By Adam Parsons
