Peet's $20 million Melbourne land syndicate closes early and oversubscribed
28/06/2006Land developer Peet & Company Limited adds to a growing list of recent successes with its latest syndication closing early and oversubscribed – raising more than $20 million in capital.
Shares in the Peet Cranbourne Central Syndicate Limited, a syndicate created for the development of 64ha of residential land in Melbourne's rapidly growing south-east, were taken up by investors in record time - just five working days.
The Peet Cranbourne Central Syndicate Limited is the 15th land syndication offered by the company since 1997 – all of which have been extremely popular with investors, closing quickly and frequently oversubscribed.
Peet & Company Ltd Managing Director, Warwick Hemsley, said investors continued to be attracted to Peet's land syndication projects because of the company's well-established record in providing value for money and excellent returns.
"Peet & Company is one of Australia's largest broadacre property developers and the closure of this latest syndicate brings the total capital raised in recent years to more than $220 million," Mr Hemsley said.
"Peet is recognised for its solid performance in profitably managing property syndicate projects right around Australia with a general target performance for new syndicates of at least 15 to 20 per cent per annum return pre-tax on capital," he said.
Mr Hemsley said the Cranbourne Central Syndicate Limited was no exception, providing investors with an excellent opportunity to invest in a proposed residential sub-division in a fast-developing area of Melbourne.
Cranbourne Central is situated 42 kilometres south-east of the Melbourne CBD and has been earmarked for subdivision and the development of more than 700 residential lots and a commercial site.
The development area is just one kilometre from the Cranbourne town centre and located in Melbourne's growing Casey Cardinia corridor where the population is expected to increase to 349,000 people by 2016.
Mr Hemsley said Cranbourne had been identified by the Victorian Government as a Principal Activity Centre in its strategic direction plan "Melbourne 2030".
"The area is well known to Peet & Company. We've previously developed and marketed the very successful Brookland Greens estate and The Avenues estate in Cranbourne," Mr Hemsley said.
