Looks like Valad will be the next one in the queueXchangeMay 13,...

Looks like Valad will be the next one in the queue
Xchange
May 13, 2009 - 9:04PM Page 1 of 2 Single page view
ONCE Stockland completes its $1 billion capital raising - said to be today- Valad Property is expected to be the next cab off the rank for a refinancing package that will encompass its Australian and Asian businesses. A deal seems to have been anticipated by investors because the stock received a "speeding ticket" from the ASX yesterday about the rise in its price from 6.2c to yesterday's close of 9.7c.

Boosting the trade was news that it sold its Tempe site to the homeware store IKEA.

It is understood that Goldman Sachs JBWere has won the mandate to help sort out its balance sheet, which will include writing down the remainder of its interest in Valad Corporate Services - already flagged by the directors.

And the group is close to finalising a deal to sell a further stake in Valad to Britain's Scarborough group and its director Kevin McCabe. If approved by Valad investors, Mr McCabe, who is a Valad director, will hold a 19.9 per cent interest.