Developer and fund manager Peet has announced that its latest syndicate, the $17 million Peet Greenvale, has closed over-subscribed.
The syndicate will market and develop a 40-hectare residential community in Greenvale, one of Melbourne’s fastest growing areas.
Subdivision works and pre-sales will commence later this year.
Peet managing director Brendan Gore said the response to the syndicate was encouraging considering the challenging market conditions of the past few years.
“Peet welcomes our new investors through this land syndicate and, as always, appreciated the renewed support of hundreds of existing syndicate investors who have again shown their confidence in Peet,” Mr Gore said in a statement.
“The strong response to the offer means that Peet will only take up its minimum commitment of 10 per cent in the syndicate.”
Mr Gore said the response also gave the company confidence for its yet-to-be released syndicates.
At 11:30AM, WST, Peet shares were steady at $1.13.
