U.S. private equity firm Blackstone has agreed to buy Australian property firm Valad Property Group in a deal valuing the target at A$207 million ($226 million), Valad said on Friday. It marks Blackstone's second deal with a troubled Australian property firm this year, after the buyout giant paid $9.4 billion to Centro Properties for nearly 600 U.S. shopping malls in March. Blackstone will also take on Valad's liabilities, including almost A$500 million of debt under the deal, according to a report on the Australian newspaper's web site. Valad, a real estate investment group with an international network of offices managing A$8 billion in 13 countries, is laden with debt with its gearing at 51.3 percent as of December 31, 2010.
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