Contents

• Abstract 3
• Analysis of Historic Financial Performance 3
• Impact of Regulatory Environment on Financial Performance 7
• Impact of Economic and Social Environment on Company Operations 8
• Conclusion 10
• References 11

Description

Valad Property Group (VPG) is an REIT listed on the ASX since 2002. It showed consistent growth and profits from 2002-07 but has been hard hit by the global credit crunch and the uncertainty in the global property market. Its decision to expand operations to Europe through large acquisitions in 2007, increased its exposure to the volatile global market, led to significant write-offs and contributed to VPG’s underperformance over 2007-09. However, the company has worked towards reducing its large gearing, stabilising and streamlining its operations through FY09. Given VPG’s current low market value, solid international funds and property portfolio, experienced management and recent capital raising drives, it is poised to grow once again when the market recovers.