Insurance News Archive
Valad plans European property raid
Having recently bought UK-based property company Scarborough, Vadad Property Group announced its intention to seek assets in Europe.
Having a base in London will allow the group to expand its European portfolio more easily, according to Valad's executive director of global transactions Peter Hurley who will take charge of the company's European operations.
"With those [Scarborough's] teams, we can expand the portfolio into other property sectors in those European countries," he said.
In addition, the company is planning a similar expansion into property in Japan, described by Mr Hurely as "very typical to what we have been doing in Europe".
The Australian fund's recent purchase of Scarborough, which is yet to be finalised, means Valad will take over 89 properties in 11 countries, including offices, business parks, industrial units and retail property.
However, the market failed to predict the deal for the most part, according to experts.
Austock Securities property analyst Thomas Hodson told the Sydney Morning Herald: "It wasn't completely unanticipated, but as for them ending up with Scarborough, it was little bit of a surprise and the timing was a little bit of a surprise as well."
He added: "Without a doubt they will continue to be on the acquisition trail."
26 Jun 2007
