SYDNEY May 30 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
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)