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Allens, Freehills, advise on $70m Peet deal

Allens, Freehills, advise on $70m Peet deal

Allens and Freehills have both advised on a deal involving Perth-based property group Peet.

Allens Arthur Robinson has advised Perth-based property group Peet on a string of capital management initiatives to help fund the land acquisition of Flagstone in South East Queensland. 

The Australian land estates, property fund management, land syndication and commercial land development company, Peet joined forces with industry super fund MTAA Super to establish a $90 million partnership to complete the mixed residential and retail development of Flagstone city. 

The law firm assisted on on a series of capital management initiatives to help fund the acquisition. 

Freehills is acting for the underwriter. 

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,' Ding said.

He said that Allens was pleased to have the opportunity to work alongside one of Australia's leading

property groups and the professionals within that organisation.

"It is a counter-cyclical investment in an identified growth corridor, with the opportunity to leverage from existing infrastructure and services in the delivery of quality, affordable land," Peet chief executive Brendan Gore said.

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