Valad has announced that the AUD$138.7 mln (EUR 67.7 mln) raised from the sale of a large number of assets in New Zealand and Australia will be used to reduce the company's debt.
Valad has announced that the AUD$138.7 mln (EUR 67.7 mln) raised from the sale of a large number of assets in New Zealand and Australia will be used to reduce the company's debt.
The disposals involve 11 investment assets in New Zealand as well as four investment assets and three development sites in Australia.
Nine of the 11 New Zealand assets were depots leased to Carter Holt Harvey. The weighted average passing yield of the assets sold was 9.4% and the combined discount to book value as at end-June 2008 was 14%. The four Australian investment assets comprise three Bunnings stores and an industrial property which were sold on a weighted average passing yield of 8.3% at a combined discount of 8.0% to the end-June 2008 book value. The details on the sale of the developments were not disclosed.
Valad said AUD$ 160 mln of proceeds from sales transacted prior to end-June 2008 have been received.
Separately, Valad's Nordic Aktiv Funds 1 and 2 - which invest in the Nordic region - raised AUD$65 mln (EUR 31.7 mln) from the sale of a portfolio of eight properties. The proceeds will be used by the funds to pay down debt.
