Blackstone Real Estate Advisors has rounded off the formal takeover of Sydney-listed Valad.

Earlier this month Valad's shareholders overwhelmingly approved the takeover that valued Valad at roughly A$800 mln (EUR 580 mln). The company's securities subsequently ceased trading, and ownership has been transferred to Blackstone.

Valad has an international network of local offices managing A$9 bn of multi-let commercial and industrial properties in seven geographic regions.

Valad has 300 staff and 23 offices in 13 countries. The company's European investment management business encompasses 15 funds with EUR 5 bn in assets at year-end 2010.