Diversified Australian property company Valad Property Group booked a A$1.49 bn (EUR 871 mln) loss for the 2008/09 financial year. The company is currently in the process of managing down its UK and European activities.
Diversified Australian property company Valad Property Group booked a A$1.49 bn (EUR 871 mln) loss for the 2008/09 financial year. The company is currently in the process of managing down its UK and European activities.
In August, Valad announced plans to place its European and UK holdings in a 50:50 joint venture with Bank of Scotland. Valad said it was contributing property valued at A$469 mln (EUR 268 mln), associated liabilities of A$761 mln (EUR 435 mln) and net equity in joint ventures and investments of A$382 mln (EUR 218 mln) to create the Diversified UK and European (DUKE) joint venture.
Valad will continue to own the Valad European funds management business, which will provide management services to the joint venture.
The company is also considering a debt-to-equity swap for Scarborough, the UK-based company it acquired in 2007.
