{"streaming_server":"rtmp:\/\/s2svek4dh1hfyu.cloudfront.net\/cfx\...

.

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.