Perth-based land developer Peet Ltd has closed the $15 million capital raising for its Beachton Syndicate early, after raising $20 million for the land developments, in Victoria and Queensland.
Perth-based land developer Peet Ltd has closed the capital raising for its Beachton Syndicate early, after raising $20 million for the land developments, in Victoria and Queensland.
The full text of a company announcement is pasted below
The latest syndicate offering from Australia's biggest retail land syndicator, Peet Limited has closed early today, oversubscribed in just eight working days.
Peet was targeting a maximum capital raising of $15 million, but almost 600 keen, would-be investors have flooded the national land syndicator with more than $20 million worth of applications for Peet Beachton Syndicate Limited.
The new syndicate is a unique Peet investment opportunity, covering land developments in both Victoria and Queensland.
The syndicate will acquire parcels of land at Beachmere, Queensland, and Melton, Victoria. Together, the sites are expected to yield a total of more than 670 residential lots with a combined estimated end value of $102 million.
Peet Limited Chief Operating Officer, Brendan Gore, said he was extremely pleased with the strong response.
The Queensland property is located at Beachmere, a coastal community adjoining Moreton Bay at the estuary of the Caboolture River approximately 40 kilometres north of Brisbane.
The 18.6 hectare property is in the Caboolture Shire - the 10th fastest-growing local government authority in Australia - with an existing population of some 130,000 people. It is also just 10 kilometres from the Caboolture Town Centre, providing access to wide range of established retail, education, community and recreational facilities.
The Beachmere property has existing planning approvals for 152 residential lots, many with uninterrupted water views, and will also enjoy the benefits of more than $940 million worth of public and private investment planned for the region over the coming years.
The Victorian property comprises of 43 hectares at Melton, a well-established suburb located approximately 36 kilometres north-west of Melbourne. The land is expected to yield more than 520 residential lots and one integrated housing site.
The Melton development is expected to be popular with new homebuyers, with property prices in the area remaining very affordable in relation to other areas of Melbourne. Melton has been identified as the focus for Melbourne's north-west development and over the next two decades is expected to become home to an entirely new city with a population of up to 100,000.
Peet Limited is diversified property group, currently acting as project manager and marketing agent for some 68 land development projects, with estates in Western Australia and Victoria and a growing presence in Queensland and New South Wales. It has a residential land bank of approximately 31,000 lots with an estimated end value in excess of $5.6 billion if sold at today's prices.
The company is one of the pioneers of land syndicates in Australia and is the country's leading retail land syndicator with more than 3500 investors. In recent years, Peet has raised more than $275 million for land acquisitions through its syndicates.