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Wall Street’s largest private equity house Blackstone has agreed to buy debt-laden real estate investment company Valad Property Group (ASX:VPG).
The deal values Valad at $207 million and will give Blackstone access to the Australian and European commercial and residential property markets.
Blackstone has offered $1.80 per security, a 56 per cent premium to Valad’s last traded price of $1.155.
Valad’s directors have unanimously recommended the takeover proposal. Chairman Trevor Gerber says the board has considered a range of strategic options and the Blackstone proposal provides the most certain value.
In the first half of the 2011 financial year Valad Property Group booked a net loss of $50.7 million.
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