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…

Lawyers Weekly • 07 June 2011 • Big Law

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.

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

Freehills acted for the underwriters.

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