Peet raises $300m for Alkimos project

PEET Ltd has launched its wholesale funds management business with the completion of a $300 million wholesale land syndicate for Alkimos, 40 kilometres north of Perth. The syndicate was established to acquire and develop a 243-hectare residential zoned property, previously belonging to Rick Stowe’s WR Carpenter Landholdings, with 1.7km of ocean frontage within the Alkimos Eglinton project. Based on current estimates, the project is expected to last 12 years and yield 2,800 lots, with total land sales revenue of about $1.4 billion. The majority of the syndicate capital raising has been subscribed for by institutional investors, including cornerstone investors MTAA Super and The Myer Family Company Pty Ltd, with Peet Ltd taking a 10 per cent interest in the syndicate Peet Ltd managing director Brendan Gore said diversifying its capital sources to include institutional investors would allow it to further leverage its business model and participate in a larger and more diverse range of opportunities. He said there would be opportunities for Peet’s syndicate investors to participate in the project through a Peet Alkimos syndicate to be launched later in the financial year. “We believe the site represents what may be the last opportunity to acquire a significant coastal parcel of land between Yanchep and Mandurah,” Mr Gore said in a statement. The purchase is timely given plans to open up Perth’s northern corridor even further with the current extension of Marmion Avenue through the property, and beyond to Yanchep, expected to be completed by August 2008. Covering 2,600ha, Alkimos Eglington will become home to about 60,000 people over the next 25 years, with the first lots expected on the market in 2009. Planning includes provision for 11 schools, playing fields, and a site for an integrated tertiary education campus. “This really is a unique coastal property acquisition - arguably the only opportunity for a new major coastal residential estate within 40 kilometres of a capital city in Australia,” Mr Gore said. Jenelle Carter

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