Response to smart investorI wonder how much of the direct...

Response to smart investor

I wonder how much of the direct property that came with the Scarborough deal is still held by VPG?

I know there are a number of the UK assets that are still held & some developments that are still in the pipeline. £380mil would be some amount less than that by now I would think.

As for the Euro assets that form the majority of the 1.7bn, I presume that they have been hived out into funds given that the nature of the holding was a warehousing facility for the German Aktiv funds rather than a direct holding position for Scarborough/VPG.

That is my take on it. As far as I am aware, as said previously, I dont think VPG has allot of directly held property in the UK or EU. The majority is Aus/NZ.

I hope this is of some help.



for reference - (proeprty ownership section of VPG website)
http://www.valad.com.au/property_ownership/property_ownership_a.html


Further interseting points from Scarbarough pres

"Stephen Day and Peter Hurley, in aggregate, will subscribe for A$9 million of new securities"

"Vendors have agreed to subscribe for A$140 million (£59 million) of New Securities, escrowed for up to
5 years
�� In addition Selected Senior Management who are not Vendors of Scarborough will subscribe for A$10
million (£4.2 million) of New Securities
�� Stephen Day and Peter Hurley will, in aggregate, subscribe for approximately A$9 million of New
Securities under the Offer
�� Kevin McCabe has granted a call option over the equivalent of A$47 million (£20 million) of the New
Securities issued in conjunction with the Acquisition
�� Options over the securities will be held by the Valad Long Tem Incentive Trust for the benefit of
Stephen Day, Peter Hurley and selected senior staff of the combined business"