Peet Limited (ASX:PPC) agreed to acquire remaining 50% stake in Flagstone City project in Queensland from Spirit Super for AUD 46.2 million on December 31, 2021. Under the terms of agreement, Peet has agreed to acquire Spirit Super's share in the project for AUD 46.15 million purchase price to be paid in four instalments over three years commencing on the settlement date. In addition to this payment, Peet will assume an additional AUD 21 million of debt, representing Spirit Super's share of the project's development loan. This acquisition will give Peet 100% ownership of the more than 10,500 remaining lots with a GDV of circa AUD 3.4 billion in Flagstone, in Brisbane's south east growth corridor. The acquisition is being funded from existing cash and debt facilities. The transaction is expected to close on January 19, 2022. This additional investment is therefore expected to be earnings accretive from settlement The Group's liquidity is expected to remain strong with cash and available debt facilities forecast to average approximately AUD 93 million over the next 18 months and The Group's interest cover ratio is expected to be a strong 4 to 8 times during this period.

Peet Limited (ASX:PPC) completed the acquisition of 50% stake in Flagstone City project in Queensland from Spirit Super in January, 2022.