Peet takes $95M interest in 6 projects

Company News

Peet Limited (ASX:PPC) has acquired an interest in six residential development projects funded by a $47 million equity raising. 
The land and funds manager says the purchase price totalled $95 million with Peet’s equity contribution being about $55 million. 
The $47 million placement was made to existing and new investors at $1.11 per share. 
The company says the projects comprise more than 3,000 lots and dwellings and provide Peet with further geographical diversification and presence in two new growth corridors.
CEO Brendan Gore says this structure enables Peet to receive development management and sales fees as well as development profits and potentially performance fees.
Peet reported a net profit of $31.58 million in the 2014 financial year.

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