Australia's Australand issues profit upgrade 2 days after takeover bid

SYDNEY Thu May 29, 2014 8:19pm EDT

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SYDNEY May 30 (Reuters) - Australia's Australand Property Group issued a profit upgrade on Friday, two days after receiving an increased takeover bid from larger rival Stockland Corp Ltd which valued it A$2.5 billion ($2.32 billion).

Australand said it now expects to grow earnings per security by 20 percent to 25 percent in the full year 2014, up from previously forecast earnings growth of 17 percent to 20 percent.

The company also said an independent valuation of its property portfolio found it was worth 3 percent more than it was worth in December 2013, amounting to a "revaluation gain" of A$76 million.

Australand shares were up almost 2 percent at A$4.27 at 00.08 GMT, against a flat broader market. ($1 = 1.0766 Australian Dollars) (Reporting by Byron Kaye; Editing by Stephen Coates)