This article is from the Australian Property Journal archive
WESTERN Australia-based developer Peet has acquired a masterplanned community site in Queensland’s Redbank Plains.
The Redbank Plains site, 28 kilometres south-west of Brisbane, will be combined with an adjacent property Peet currently has under option, to create a 1,100-lot residential community.
The total acquisition price for the properties is $37.45 million, with the project expected to be completed by 2022.
Peet has purchased the site which is already in development, via a 50% stake in its new wholesale fund with the Thailand stock exchange-listed Supalai Public Copmany, with Peet being the development manager of the fund.
Pete managing director and chief executive office Brendan Gore said the medium-term outlook for the Queensland residential market remains positive and as the estate is already developing and selling, it is expected to contribute to FY17 earnings.
“The acquisition of the properties is in line with Peet’s strategy of managing its pipeline of projects with a focus on maximising return on capital.
“It adds to Peet’s Queensland pipeling and will further increase the proportion of the company’s earnings generated from its funds management business and east coast operations,” he said.
Peet acquired the Redbank Plains site from Devine, which also sold its interest in the Penny Royal estate in Victoria to its joint venture partner for $3 million.
The divestments are part of Devine’s strategic review of its business, including the sale of assets to reduce debt and provide working capital.
Australian Property Journal
