Peet (ASX:PPC) new wholesale fund acquired a 33.1-hectare residential development site on the Sunshine Coast in Queensland for AU$56 million, according to Friday filing with the Australian bourse.
The new fund, in which Peet holds a 50% stake and the company's shareholder Brown-Neaves Investments holds 29%, acquired the land from LCA Palmview, the filing said.
The acquisition is expected to lead to the development of around 470 dwellings in Palmview, the filing added. Settlement is expected between June and September 2025.
The residential developer said it will fund its share via cash and debt facilities and manage the development.
Development at the Queensland site is expected to start in 2026.
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