GPT and Valad shares rise on takeover speculation

Shares in two Australian property giants with large UK interests have soared on takeover rumours.   Valad, the company which acquired Teesland last year, saw its share price climb more than 20% this week.   It is believed that Dexus Property Group, the Australian property investment arm of Deutsche Bank, is a potential bidder.   Stockland, the firm that acquired UK property group Halladale, has also been named.   Both companies are also thought to be looking at GPT, whose shares have climbed 7% over the last week.   GPT is the parent company of European group GPT Halverton, which launched a £500m UK industrial fund in March.   chris.bourke@rbi.co.uk