Ingenia Strikes $900m Deal to Acquire WA-Based Developer Peet

The transaction is a 21 per cent premium to Peet’s $1.81 closing price on August 21 and values the acquisition at more than $900 million.

Peet’s board has unanimously recommended the scheme, subject to an independent expert finding it to be in shareholders’ best interests and no superior proposal emerging.

Peet’s largest shareholder, Scorpio Nominees, which holds about 14.5 per cent of the company, has indicated it intends to support the deal on the same conditions.

The transaction follows months of takeover discussions between the two groups, with Ingenia seeking access to Peet’s national residential land bank and development pipeline.

Peet is one of Australia’s longest-established residential developers, tracing its origins to 1895 when James Thomas Peet established the business in Western Australia.

The Perth-based company acquires, develops and markets residential land and creates masterplanned communities, townhouses and apartments across the country. It has more than 130 years of operating history and is currently involved in 43 projects nationally.

Peet delivered record 2025-26 financial year earnings ahead of the deal, reporting net operating profit of $103.4 million, up 77 per cent, while contracts on hand rose 39 per cent to $851 million.

The developer sold 2996 lots during the year, up 8 per cent, while its pipeline activation rate increased to 80 per cent. Net tangible assets rose 9 per cent to $1.49 a share.

▲ Ingenia Communities has a portfolio of more than 16,400 income-generating homes, villas, cabins, and sites—land leasemakes up roughly 69 per cent of that.

Ingenia Communities is an ASX-listed property owner, operator and developer headquartered in Sydney. It listed as Ingenia Communities in 2012 and has since evolved from a diversified aged care and student accommodation business into a platform focused on Australia’s living and tourism sectors. Its operations include land lease communities, rental communities and holiday parks, alongside development activities.

The acquisition would give Ingenia exposure to Peet’s 43 projects nationally and deepen its position in residential development beyond its existing land-lease communities, rental communities and holiday parks.

Ingenia has been pursuing a strategy of development-led growth after shifting away from an acquisition-led model, with its land-lease business already accounting for the majority of its living segment earnings.

A key asset in the transaction is Peet’s Flagstone masterplanned community south-west of Brisbane, which comprises about 12,000 residential lots [pictured at top].

Ingenia is understood to have arranged a transaction involving the sale of 49.9 per cent of its interest in Flagstone to private developer Brown-Neaves Investments, providing about $615 million towards funding the acquisition.

The deal comes as developers and investors continue to target large residential land banks amid persistent housing undersupply and growing demand across Australia’s major growth corridors.

Peet shareholders will also have a mix-and-match election, allowing them to seek maximum cash, maximum scrip or a combination, subject to scaling.

▲ Herron Todd White chief executive Peter Maloney: Acquisition further strengthens HTW’s position.

Mitchell Brandtman joins Herron Todd White

Meanwhile, Quadrant-backed Herron Todd White has acquired quantity surveying and construction cost consultancy Mitchell Brandtman as the property advisory group expands beyond its traditional valuation business.

The deal brings Mitchell Brandtman into HTW after more than 50 years in the quantity surveying sector.

The Brisbane-founded business was established in 1970 and provides cost planning, financier quantity surveying, construction advice, infrastructure and tax depreciation services.

Mitchell Brandtman has offices across Queensland, NSW and Victoria and works with developers, financiers, contractors and property investors.

The acquisition is part of HTW’s broader growth strategy under private equity owner Quadrant, adding construction cost and project expertise to its existing valuation and property advisory operations.

The deal gives HTW greater exposure to the earlier stages of the development cycle, including project feasibility, construction costs and funding assessments.

Mitchell Brandtman has more than 50 staff and has worked across more than 10,000 projects.

Herron Todd White chief executive Peter Maloney said the acquisition further strengthened HTW’s position as Australia’s leading independent property valuation business and expands its capability across the property lifecycle and into new markets. 

“The acquisition adds an important new pillar to the [group], bringing national quantity surveying, construction and development consulting expertise alongside our established valuation, assurance and advisory capabilities.”

Mitchell Brandtman managing director Michael Ivey said joining HTW was an exciting new chapter for the business, its people and clients.

“HTW shares our commitment to independence, technical excellence, innovation and client-first service,” he said.