Allens acts on Peet land strategy deal

Allens Arthur Robinson has advised Australian land estates, property fund management, land syndication and commercial land development company, Peet Limited, on a series of capital management initiatives to help fund its major strategic land acquisition, Flagstone, in south-east Queensland's growth corridor.

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The initiatives, announced on 1 June, include a $50 million issue of convertible notes ($40 million of which is underwritten) and a $20 million fully underwritten share purchase plan.

Partner Alex Ding, who led the Allens team on the matter, said that the convertible note investments were particularly suitable for Peet's business.

"They will help in diversifying Peet's funding sources," he said.

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Freehills acted for the underwriters.