Peet acquires QLD residential project

Company News

by Jessica Ellerm

Peet Limited (ASX:PPC) has announced it has acquired a 1,100-lot residential estate project in Redbank Plains, Queensland in conjunction with a listed Thai real estate developer.
Peet and Supali Public Company have established a new wholesale fund in order to purchase the property, with each taking a 50 percent stake. 
The fund has acquired the Queensland property for $37.45 million, and will amalgamate it with an adjacent property Peet currently has under option. 
The project is expected to commence in September 2016 with a completion date of late 2022.
Peet Limited reported a net profit of $18.52 million at 31 December 2015.

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