Peet closes early on Yanchep syndicate

Property manager Peet has chosen to close its $62 million Yanchep syndicate capital raising early, but is still negotiation with several investors to come on board.

Settlement on the 151 hectare property is due on January 10, and Peet is awaiting a final decision from a cornerstone investor on whether it will subscribe for 20 million units of the development.

Peet has already received applications for 20 million additional units, and has subscribed for a further 35 million units itself.

The company said talks were ongoing with a "small number" of institutions interested in the syndicate, and the outlook for the landholding remained strong.

Peet still expects to settle the purchase on schedule while continuing negotiations with potential investors.