US private equity firm Blackstone is in talks with Valad Property Group on a potential takeover of the Australian logistics property firm, in a deal expected to be worth around A$220 mln (EUR 162 mln), according to a news report by the Australian Financial Review.
US private equity firm Blackstone is in talks with Valad Property Group on a potential takeover of the Australian logistics property firm, in a deal expected to be worth around A$220 mln (EUR 162 mln), according to a news report by the Australian Financial Review.
In a statement to the stock exchance on Thursday, Sydney-listed Valad confirmed talks with an unnamed investor saying it is 'in discussions with a third party in relation to a material transaction regarding the whole of the Valad business'. The company also requested a trading halt pending an announcement.
In March, Valad announced that it had received a number of approaches in relation to its European business, and that it would 'explore the approaches from third parties and make a decision in relation to the future ownership of the European business based on the merits of the proposals'.
The statement came in tandem with an announcement that a proposed sale of Valad's European business to management had fallen through.
Valad Property Group manages A$8 bn of assets in seven geographic regions. Its core business is value-adding real estate, specialising in multi-let commercial and industrial property, with local asset management teams taking care of approximately 8,500 tenant customers in 900 properties.
