Gilbert + Tobin is advising Ingenia Communities Group on its proposed approximately $1 billion acquisition of Peet Limited (ASX: PPC) by scheme of arrangement, a transaction that will create a leading national living sector platform.
The transaction brings together Ingenia’s leading land lease communities platform with Peet’s established master planned communities business and extensive residential development pipeline. Ingenia has identified approximately 5,000–7,000 potential land lease community conversion lots within Peet’s portfolio, which would increase Ingenia’s pro forma land lease development pipeline to approximately 15,000 lots and its broader residential pipeline to approximately 35,000 lots.
As part of the transaction, Ingenia has also agreed terms with Brown-Neaves Investments to establish a joint venture for Peet’s Flagstone City project. Brown-Neaves Investments will acquire a 49.9% interest in the project at an enterprise value of $615 million on a 100% basis.
The G+T Corporate Advisory team is led by Costas Condoleon and Brian Murphy, supported by James Fisher, Maria Bletsas, Alex Vellar and Kane Chesson, with specialist support from our Banking and Finance team, led by Gail Christopher, supported by Kerry-Lee Carew, Chris Devine, Emily Donaldson, Olivia Tabbernal, Beatrice Canniveng Martinez, Reed Cahalan and De Kai Chue, and our Competition, Consumer and Market Regulation team, led by Andrew Low, supported by Jenny Li and Amy van Dongen.
Costas Condoleon said:
Costas CondoleonThis is a significant strategic transaction for Ingenia, bringing together two highly complementary businesses and creating a substantially larger national platform across the Australian living sector. We’re delighted to be supporting the Ingenia team on a transaction of this scale and complexity. The deal highlights G+T’s listed REIT capability and brings together a number of important workstreams across public M&A, financing, joint venture arrangements and competition regulation, and is another great example of the depth of capability we can bring to major strategic transactions.
G+T is advising Ingenia on key legal aspects of the proposed acquisition. The scheme is subject to several conditions, including Peet shareholder and Court approval, competition approval and completion of the Flagstone joint venture arrangements. Subject to satisfaction of those conditions, implementation is currently expected in late December 2026.
