Peet moves to 100% ownership of Flagstone City project
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 corridorPeet 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.
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Managing Director and Chief Executive Officer|
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