Blackstone Seeking $452M for Valad Buy

(Reuters) – Global private equity firm Blackstone is seeking A$431 million ($452 million) financing to back its purchase of Australia property firm Valad Property Group, Thomson Reuters Basis Point reported on Tuesday, citing bank sources.

REUTERS STORY:

Blackstone Seeking $452M for Valad Buy

(Reuters) – Global private equity firm Blackstone is seeking A$431 million ($452 million) financing to back its purchase of Australia property firm Valad Property Group , Thomson Reuters Basis Point reported on Tuesday, citing bank sources.

Blackstone has mandated JP Morgan and National Australia Bank to lead the financing.

Roadshows will be held in Taipei, Hong Kong and Sydney.

Mandated lead arrangers will be paid 150 basis points as an upfront fee for commitments of A$75 million or more.

Blackstone agreed to buy Valad in a deal valuing the target at A$207 million and marking Blackstone’s second deal with a troubled Australian property firm this year, after the buyout giant paid US$9.4 billion to Centro Properties in March. ($1 = 0.955 Australian Dollars) (Reporting by Sandra Tsui; writing by Stephen Aldred)