Australia's largest residential land syndicator, Peet Ltd, is set to launch its first syndicate with land in three states, as part of a move to offer investors greater diversity.
The Peet Tri State Syndicate Ltd, is looking to raise between $30 million and $40 million via the issue of up to 40 million one dollar shares, for a portfolio of residential land development projects on the coast at Albany, Western Australia; Emu Park, Queensland; and Flinders, New South Wales.
The Big Grove Project in Albany proposes the creation of a 500-lot residential estate on a 52 hectare site in Big Grove, adjacent to the Princess Royal Harbour.
Peet's Emu Park Property, meanwhile, is made up of two adjoining lots with a combined area of approximately 84 hectares, anticipated to yield around 650 residential lots.
Comprising 30-hectares, the Flinders property has existing planning approvals for 241 residential lots and six integrated housing sites.
Peet Limited managing director Brendan Gore said its experience in the management and marketing of land developments meant its syndicated projects were recognised by investors Australia-wide for providing value for money, with minimal overheads and consistently strong returns.
In the past financial year, Peet raised $57 million via syndicate investments for the purchase and development of broadacre land in Western Australia, Victoria and Queensland.
Applications for shares in Peet Tri State Syndicate Ltd must be for a minimum of 5,000 shares, with 50 cents payable on application and the balance due in October 2008.
