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Ingenia to Buy Peet in ~$1B Deal to Expand Land Bank to 7,000 Lots

Ingenia Communities Group logoIngenia Communities Group
Sig3.70Sen+5.80Env0.00Soc+2.20Gov0.00
Peet Limited logoPeet Limited
Sig3.00Sen+3.25Env0.00Soc+1.60Gov0.00

Housing provider Ingenia Communities will buy ASX-listed land developer Peet in a deal worth just under $1 billion, paying $2.12 a share in cash and scrip. The acquisition values Peet at about $993 million and would expand Ingenia’s land bank by up to 7,000 lots to supply new housing, despite Ingenia warning that a slowing market has reduced inquiries.

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