new keith
New Keith, Queensland. Image –
  • The broadacre land is located in New Beith, QLD
  • Was sold at 83% premium to book value
  • Comes as yesterday the developer announced the acquisition of Spirit Super's 50% shareholding in the Flagstone City project

Listed real estate developer Peet Limited (ASX: PPC) has today announced the sale of broadacre land totalling 250 hectares in New Beith, Queensland – located in the City of Logan, 40km north of Brisbane’s CBD.

The settlement of the unconditional sale is scheduled to occur during the first half of FY23.

The sale itself is circa $80 million, including GST. In a later announcement to the ASX, Peet confirmed Frasers Property New Beith Pty Limited as the buyers.

Brendan Gore, Peet’s Managing Director and Chief Executive Officer, said the sale reflects the ongoing focus of the developer’s interest in managing its significant landbank appropriately.

“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,” said Mr Gore.

“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.”

Announced yesterday, Peet acquired Spirit’s Super 50% shareholding for $46.15 million, with settlement set to occur on 19 January. The acquisition will give Peet full ownership of more than 10,500 remaining lots in Brisbane’s growing south-east corridor.

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