Valad Property Group's shareholders have approved its takeover by two affiliates of Blackstone Real Estate Advisors in a deal that values Valad at roughly A$800 mln (EUR 150 mln). Some 95% of Valad shareholders backed the takeover bid at a shareholders meeting on Monday.

An application will now be made for court approval of the scheme and, if approved, Valad will be delisted on August 13.

US private equity firm Blackstone made a A$1.80 cash offer for the Australian property company in April. The bid represents a premium of 56% on Valad's closing price at the time and a 22% discount to the group's net tangible assets. The deal involves the assumption by Blackstone of around A$600 mln in debt.

The transaction is Blackstone's second deal with an Australian property company this year. The group earlier paid $9.4 bn (EUR 6 bn) to Melbourne-based Centro Properties Group for a large portfolio of US shopping centres.

Valad's European investment management business encompasses 15 funds with EUR 5 bn in assets at year-end 2010.