Ingenia eyes move into residential development

Ingenia Communities is said to be seeking a residential developer, with market talk turning to whether the ASX-listed operator could move on 130-year-old Perth-based group Peet.

Peet is involved in the development of residential land – communities, townhouses and apartments – and across its balance sheet, joint ventures and funds management platform, has one of the largest residential lot holdings of more than 30,000.

In February this year, Peet reported a FY26 net operating profit up 102% to $50.9 million, while Ingenia Communities Group had first-half earnings before interest and tax of $85 million, a fall from $86.2 million 12 months previously.

National media reports from The Australian (15 March) and the Australian Financial Review (21 April) said Peet had appointed investment bank Goldman Sachs to explore a potential sale, divestment of non-core assets or a partial selldown. The latter has fuelled suggestions Ingenia Communities has emerged as an interested party, alongside Mirvac.

Further, the Financial Review said Ingenia CEO John Carfi “is hunting around for a way to corral funding, potential via a joint venture or by bringing in a capital partner” as his business has just $9.9 million in cash on its balance sheet. 

Time will tell. While Dataroom and Street Talk are occasionally on the mark, more often than not their reports don’t come to fruition.