Peet sells land for $30m

Perth-based land developer Peet has sold a parcel of land in Victoria for $30.5 million, but it doesn’t expect to receive any proceeds from the deal for nearly a year.

Peet said in a statement today that the sale of the undeveloped parcel of land in Rockbank was subject to planning-related conditions.

“Peet expects (those conditions) to be met in the coming months, with settlement to occur in November 2017,” the company said.

Details of the parcel of land for sale were not disclosed.

Managing director Brendan Gore said the sale was an opportunity to manage and leverage Peet’s diversified land bank in a way that maximised the return on capital.

Shares in Peet were unchanged at 93 cents each at midday.