The Brief:
Ingenia Communities has agreed to buy Peet Limited via a scheme of arrangement worth approximately $1bn.
Gilbert + Tobin advises Ingenia, while Clayton Utz acts for Peet.
Ingenia Communities Group has struck a deal to acquire Peet Limited, the ASX-listed residential developer, in a scheme of arrangement worth close to $1bn.
Ingenia builds and manages land lease communities, where residents like retirees rent the land while buying the dwelling that sits on it outright. Peet builds master-planned communities for homebuyers across Australia. Together, the deal creates Australia’s largest ASX-listed pure-play living sector platform.
The deal
Under the Scheme Implementation Deed, Peet shareholders will receive 0.3367 Ingenia stapled securities plus $0.68 cash for every Peet share, an implied value of $2.12. Add Peet’s 2H26 dividend of $0.065 per share, and the total value climbs to $2.185 per share. That’s a 21% premium to Peet’s last close before the announcement.
Ingenia has identified 5,000 to 7,000 lots within Peet’s pipeline suitable for land lease conversion, worth an estimated $1bn in end value. Combined, the group’s pipeline stretches to around 35,000 lots, with Peet contributing roughly 26,400 lots on its own.
The Peet Board unanimously recommended the Scheme, and Peet’s largest shareholder, Scorpio Nominees (~14.5%), has committed to vote in favour.
As part of the transaction, Ingenia has also agreed terms for the sale of the 49.9% stake in Peet's Flagstone City project south of Brisbane to Brown-Neaves Investments at an enterprise value of $615m.
Subject to shareholder, Court and ACCC approval, implementation is expected in late December 2026.
Who’s acting
Gilbert + Tobin is advising Ingenia. The Corporate Advisory team is led by Costas Condoleon and Brian Murphy, supported by James Fisher, Maria Bletsas, Alex Vellar and Kane Chesson. The firm’s Banking and Finance team, led by Gail Christopher, and its Competition, Consumer and Market Regulation team, led by Andrew Low, are also on the mandate.
Clayton Utz is advising Peet. Corporate partners Mark Paganin and Stephen Neale lead the team, with support from senior associates William Davies, Laura van Stekelenburg and Victoria Bandurski. The team also draws on Rohan Mishra (Banking and Finance), Kirsten Webb (Competition), and Jonathan Donald and Keshni Maharaj (Tax).
Source: Peet, Gilbert + Tobin, Clayton Utz