Peet Limited today announces that it has acquired Spirit Super’s (formerly MTAA Super) 50% shareholding in the Flagstone City project in Queensland.
Peet has agreed to acquire the 50% share in the project for $46.15 million, with settlement to occur in January 2022.
This acquisition will give Peet 100% ownership of the more than 10,500 remaining lots with a GDV of circa $3.4 billion in Flagstone, in Brisbane’s south east growth corridor
– Peet Managing Director and CEO, Brendan Gore
Flagstone is Peet’s largest community in our portfolio, providing 12,000 homes upon completion and a 126-hectare CBD that will service a population of 30,000. The estate features 330 hectares of green space and the city centre includes plans for health, education and business precincts, dining and entertainment and a train station.
“Flagstone is a developing asset that is currently generating profits and operating cash. This additional investment is therefore expected to be earnings accretive from settlement,” said Mr Gore.
The full ASX announcement can be viewed here.
For investor enquiries call:
Brendan Gore
Managing Director and Chief Executive Officer|
Peet Limited
(08) 9420 1111
For media enquiries call:
Tom Horn
BCW
0402 733 157
tom.horn@bcw-global.com