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PEET LIMITED — Capital/Financing Update 2005
May 25, 2005
65600_rns_2005-05-25_cb1fb244-7011-4dca-87cc-95ac3e95cbfd.pdf
Capital/Financing Update
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MEDIA RELEASE
26 May 2005
PIPIN'
Retirement Housing Specialist to join Peet
Major land developer/syndicator, Peet & Company Ltd (ASX: PPC) has announced the appointment of retirement housing specialist, Stephen Kennev to the position of General Manager, Retirement Housing.
Stephen will play a key role in the establishment of a new retirement housing fund which would utilise potential sites within land estates currently owned and/or managed by Peet & Company Limited in Western Australia. Victoria. Queensland and New South Wales as well as other sites sourced on the open market
Peet & Company Limited is currently leveraging its expertise in residential broadacre land syndication and development into a range of new funds management products.
Stephen Kenney holds civil engineering and MBA qualifications and has worked as General Manager for the St Ives Group as well as Executive Director of Care UK, Britain's largest provider of outsourced health and social services to the Government
"We are delighted to welcome someone of Stephen's calibre to the team at Peet during what is a very busy expansion phase of our existing business." said managing director Warwick Hemsley.
"We are expanding into a range of funds management areas in order to grow our business, increase our annuity-style income and offer more choice to our investors."
The Peet Income Property Fund, which will invest in commercial properties, is already under preparation with the purchase of five newly constructed officepark properties in the Brisbane Technology Park for $19 million.
"We see the fast-growing retirement housing sector as fitting neatly into the existing residential development activities of the Peet group with considerable synergies for both," Mr Hemsley said.
Other opportunities that Peet is examining include a shopping centre fund with sites in key Peet land estates and others sourced on the open market and an industrial property fund.
MELBOURNE Level 2 470 St Kilda Road Melbourne VIC 3004 Tel: +61 3 9868 5900 Fax: +61 3 9866 6230 Email: [email protected]
BRISBANE Level 3 Waterfront Place 1 Faole St Brisbane Oi D 4000 Tel: +61 7 3360 0250 Fax: +61 7 3360 0841 Email: [email protected]