ikea project update, page-8

That pervious statement ("no cash to valad") is incorrect.

The Ikea site is held in the Valad owned and controlled fund known as ICA development fund. External investors make up the majority of the fund investors, however Valad have an equity stake in the fund which if I remember correctly is either 10% or 15%. Any sale or revaluation of this property means a few things - firstly return of capital to investors in the event of a sale(including VPG) secondly the payment of a development management fee representing 3% of end project value to VPG.

If Ikea deal is struck VPG benefit because either it gets sold or gets revalued. Either option is an extremely positive outcome.