Ingenia locks in Flagstone JV structure as Peet deal advances

Flagstone ownership structure takes shape

Ingenia Communities Group (ASX:INA) has cleared a significant condition attached to its proposed acquisition of Peet Limited (ASX:PPC), executing the deed for a joint venture over Peet’s Flagstone City project.

Under the agreed structure, Bechel and its guarantor Hurose, entities controlled by Garry Brown-Neaves and part of the wider Brown-Neaves Investments group, will acquire a 49.9% interest in Peet Flagstone City if the scheme proceeds. Ingenia, through a Peet subsidiary, will retain 50.1%, while a Peet subsidiary is expected to remain development manager.

$615 million inventory value anchors the deal

The joint venture interest is based on an agreed inventory value of $615 million. That figure describes the valuation basis for the Flagstone arrangement; the announcement does not disclose the JV’s funding arrangements, expected earnings impact or other commercial terms beyond the ownership and management structure.

The execution satisfies the first limb of the Flagstone JV condition in Ingenia’s scheme implementation deed with Peet. The company’s Peet acquisition scheme remains active, despite the separate takeover approaches for Ingenia that have emerged in recent weeks.

ACCC clearance remains the next gate

The Flagstone condition is not yet fully satisfied. It still requires ACCC clearance for the joint venture, and no party can become entitled to terminate or refuse to complete under the JV implementation deed before the second court date for the Peet scheme.

Ingenia said it continues to comply with its obligations under the Peet deed and work with Peet towards implementation. The next material milestones are the remaining Flagstone conditions, the relevant court process and any market update confirming that the condition has been fully met.