Valad Property to buy UK property firm for a$2 bln

SYDNEY- Australian property trust Valad Property Group said today it would buy UK property firm Scarborough for A$2 billion ($2.2 billion), extending its reach in Europe.

Valad said it would raise A$1.2 billion through the issue of new securities with an application price of A$1.92 each.

Valad shares were placed on a trading halt pending the announcement, and will remain on halt until the completion of the fund raising. They last traded at A$2.12.

- REUTERS