Australian REIT Valad to Sell Interest in Self-Storage Portfolio

Sydney, Australia-based real estate investment trust Valad Property Group will sell its 50 percent interest in the $380 million self-storage portfolio it owns in a joint venture with Kennard Self Storage, The Age reported. An agreement has been reached to progressively sell all of Valad’s interest in the portfolio to the Kennard family over the next 18 months. In response to the global sub-prime credit crisis, the REIT is reducing its estimate for full-year dividends and undergoing a series of asset sales with joint-venture partners. The company also plans write downs in asset values of $65 million to $85 million, representing 3 percent to 4 percent of total investment and trading assets including joint ventures and other co-investments. For more information, visit http://www.valad.com.au/.