Valad, which limped to the end of the financial year with a A$1.49bn loss, has managed to secure up to A$59.5m in a capital raising backed by Goldman Sachs JBWere.
Among the investors pouring money into the business is the Simon Marais-backed fund manager Orbis, which holds a stake of about 9% in Valad.
Valad Property Group yesterday announced it was issuing new equity at 10c per security, a 37.5% discount to the 16c that the securities last traded at before being placed in a trading halt.
The group said $56.5m of the money from its fully underwritten equity raising would be used to settle a deferred payment of £29.5m (A$55.2m) owed as part of its 2007 Scarborough acquisition.
That would mean scrapping an earlier agreement over the deferred payment for the Kevin McCabe-backed company announced on 27 August. As part of that earlier deal, Valad was to have handed over equity to Scarborough at a cost of 10c per security, instead of handing over most of the cash owed for a deferred payment included in the terms of the 2007 acquisition.