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Early close to Peet capital raising

PROPERTY developer Peet & Company has closed its $16.8 million capital raising for a Melbourne residential land syndication project ahead of schedule after it was oversubscribed, said the company. The funds are to be used for the development of a 65-hectare land parcel zoned for residential use at the suburb of Tarneit, approximately 26 kilometres west of Melbourne’s central business district. The area is considered by the local company, which listed on the Australian Stock Exchange in mid-2004, to be an emerging, fast growing suburb close to existing commercial and retail centres. The latest capital raising brings to $158 million the amount in equity funds Peet has raised for land acquisitions in syndicates in recent years.

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