Peet pays $45m for Queensland site

Perth property developer Peet has expanded its presence in Queensland, paying MTAA Super $45 million for a half interest in a 1,244 hectare site in the state’s south east.

The land purchase coincides with a $50 million issue of convertible bonds, a $20 million share purchase plan and $300 million syndicated debt facility extenstion for three years.

Peet will become development manager for the Flagstone West project, which is intended to become a 10,000 lot community with a 200ha town centre.

The company will also project manage the last 300 lots in the adjoining Flagstone East project owned by MTAA Super which has 3,500 residents.

Peet said the acquisition would bring its land bank to 50,600 lots worth $8.9 billion, in today’s dollars, upon completion.

It is the 12th project of Peet’s in Queensland which also has major land holdings in Victoria and WA.