Peet land syndicate raises $22m

The latest capital raising for Peet's residential land syndicate, the Peet Point Cook Kingsford Syndicate has closed oversubscribed with investors applying for more
than 22 million units.

Peet Limited managing director and chief executive, Brendan Gore said such strong support in a challenging market indicates the company's strategy to build on its existing investor base, in terms of numbers and geographical spread, is working very effectively.

"Subscriptions from new Peet investors accounted for more than 40 per cent of the total capital raised, and East Coast subscribers make up more than 35 per cent of all Kingsford Syndicate investors," he said in a statement.

The Kingsford Syndicate will develop a residential community in Point Cook, an established suburb of Melbourne, some 25 kilometres south-west of the CBD.

The property is already zoned for residential development and planning for a 567-lot residential estate is well underway.

Peet is Australia's largest and most experienced residential land syndicator and the Kingsford
Syndicate will be the 29th syndicated project currently under its management.

Full announcement below:

$22 million Peet Kingsford Syndicate closes oversubscribed

Peet Limited's latest land syndicate has closed oversubscribed with investors applying for more
than 22 million units.

Peet Limited Managing Director and Chief Executive Officer, Brendan Gore, said the success
of the Peet Point Cook Kingsford Syndicate (Kingsford Syndicate) capital raising was
encouraging evidence of an expanding Peet investor base.

"Such strong support in a very challenging market shows our strategy to build on our existing
investor base, in terms of numbers and geographical spread, is working very effectively," he
said.

"Subscriptions from new Peet investors accounted for more than 40 per cent of the total capital raised, and East Coast subscribers make up more than 35 per cent of all Kingsford Syndicate investors."

Peet is Australia's largest and most experienced residential land syndicator and the Kingsford
Syndicate will be the 29th syndicated project currently under its management.

The Kingsford Syndicate will develop a residential community in Point Cook, an established suburb of Melbourne, some 25 kilometres south-west of the CBD. The property is already zoned for residential development and planning for a 567-lot residential estate is well underway.

"Development of the Kingsford property is progressing well and in line with the timeframes in the
Product Disclosure Statement, with construction of Stage 1 expected to commence in March 2010.

"Peet remains confident in the fundamentals of the residential property market in Australia - and it's pleasing to see so many new and existing investors sharing this positive outlook," said Mr Gore.

"We look forward to delivering a high-quality residential development at Kingsford, demonstrating best practice in planning and sustainability, and providing excellent returns to our investors in the years to come," he added.