Peet settles prime Alkimos acquisition

Peet Ltd has today announced its Peet Alkimos wholesale syndicate has settled on the purchase of a 243-hectare residential zoned property at Alkimos, 40 kilometres north of Perth.

The Alkimos land acquisition brings Peet's land bank to around 38,000 lots with an estimated on-completion value in excess of $7.6 billion (in today's dollars).

The full announcement is pasted below:

Peet Limited today announced that the $300 million Peet Alkimos wholesale syndicate settled on the purchase of some 2,900 prime potential coastal dwelling sites north of Perth.
The 243 hectares at Alkimos on Perth's pristine northern metropolitan coastline is residentially zoned with development and marketing to be commenced by Peet Limited once planning approvals are obtained.
The property is some 40 kilometres from Perth and has 1.7 kilometres of ocean frontage within the Alkimos Eglinton precinct, a planned growth area in Perth's northern coastal metropolitan corridor.
Based on current estimates, the project is expected to have a duration of approximately 12 years and yield total land sales revenue of approximately $1.4 billion.
The Alkimos wholesale syndicate capital raising was subscribed for by institutional investors and represents a significant expansion of Peet's existing funds management platform. Cornerstone institutional investors include MTAA Super and The Myer Family Company Pty Limited.
Meanwhile, there will be opportunities for Peet's retail syndicate investors to participate in this exciting project through a Peet Alkimos retail syndicate to be launched in the next few months and which has already received strong national interest from potential investors.
Peet Limited Managing Director, Brendan Gore, said he was pleased to mark the settlement of this acquisition and looked forward to developing this unique coastal project on behalf of the wholesale syndicate.
"This is a rare opportunity and we are very pleased to be partnering with institutions such as MTAA Super and The Myer Family Company, and to enjoy the support of the National Australia Bank's Institutional Banking Division, nabCapital, in what is a very exciting and important project," he said.

Peet Limited has the third largest land bank of the ASX listed property groups.