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AUSTRALIAN PROPERTY DEVELOPER INGENIA OFFERS TO BUY PEET IN $711 MILLION DEAL

  • NEWS Desk Global
  • 51 minutes ago
  • 1 min read

Property developer Ingenia Communities on Wednesday offered to buy Peet in a deal valuing the residential property developer at A$992.5 million ($710.93 million), to expand its presence in the Australian housing market.

The ​proposal follows a period of softer sales volumes and prices in Australia's residential ​property market, and a government decision to trim tax concessions for ⁠investment properties in its May budget.

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