Peet (ASX:PPC) - Managing Director and CEO, Brendan Gore
Managing Director and CEO, Brendan Gore
Source: Peet
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  • Peet (PPC) has announced the sale of its broadacre site for about $80 million
  • The broadacre land was approximately 250 hectares in size, located in New Baithe, Queensland
  • The sale is unconditional and settlement is due to occur within the first half of next year
  • Managing Director and CEO Brendan Gore says the property was sold for an 83 per cent premium to book value, providing strong evidence of the value in Peet’s national landbank
  • Shares are trading 2.74 per cent higher today at $1.13 each

Real estate developer, Peet (PPC) has announced the sale of its broadacre site for about $80 million.

The broadacre land was approximately 250 hectares in size, located in New Baithe, Queensland.

The sale is unconditional and settlement is due to occur within the first half of next year.

Managing Director and CEO Brendan Gore said the sale highlights the company’s ongoing focus to appropriately manage its significant landbank.

“We seek to manage our landbank in a manner that optimises the return on the capital employed and this sale follows our recent announcement of the acquisition of the balance of the Flagstone City project,” he said.

“The Property was not on the Company’s short to medium term development program and has been sold at a price which is an 83% premium (net of transaction costs) to book value, providing strong market evidence of embedded value in Peet’s national landbank.”

Last Friday the company spent $46 million to require the remaining interest in the Flagstone City project in Queensland, which once completed, will cover 126 hectares, with 44,000 square metre of retail space and 58,000 square metre of office space, with a proposed interstate rail service running through the middle.

Shares are trading 2.74 per cent higher today at $1.13 each at 12.15 pm AEDT.

PPC by the numbers
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