Ingenia Communities Group entered into a scheme implementation deed on 26 August to acquire 100% of Peet Limited, the Perth-based developer of master-planned communities, in a cash-and-scrip deal valuing Peet at about A$992.5m.
Why Ingenia Communities Group is buying Peet Limited
Ingenia said the deal secures a large development pipeline and identified 5,000 to 7,000 Peet lots that could be converted into land-lease communities with an end value of around A$1bn, creating the largest ASX-listed pure-play living-sector group. It expects low double-digit earnings-per-share accretion and about A$10m a year of cost synergies.
Deal terms and financing
Peet shareholders will receive A$0.68 in cash and 0.3367 Ingenia stapled securities per share, with a mix-and-match facility, implying A$2.12 a share and a 17.1% premium to Peet's close of A$1.81 on 21 August. Peet may also pay its A$0.065 final dividend. Ingenia has signed a term sheet to sell 49.9% of Peet's Flagstone City project to Brown-Neaves Investments at a A$615m enterprise value.
Regulatory approvals and timing
The scheme requires Peet shareholder and court approval, an independent expert's report and competition clearance, with implementation targeted for late December 2026. Peet's largest shareholder, Scorpio Nominees, with about 14.5%, has undertaken to vote in favour.
Market context
Warburg Pincus made three non-binding cash proposals for Ingenia in September, the latest at A$5.25 a security, each conditional on Ingenia abandoning Peet. Ingenia granted due diligence in October but said it was continuing with the Peet scheme on the agreed timetable.
