Super fund reportedly up for partnership with Ingenia Communities
Ingenia eyes expansion play with Hostplus backing
- Deal talks: Hostplus reportedly exploring JV with Ingenia
- War chest: Partnership could help fund potential Peet bid
- Pipeline play: Peet would strengthen Ingenia’s land lease growth
- Sector scale: Two major ASX-listed housing groups in focus
ASX-listed Ingenia Communities is reportedly looking to expand and, if the Australian Financial Review is to be believed, is close to securing a financial partner.
Hostplus, the third-largest superannuation fund in Australia, is reportedly in talks about a partnership arrangement with the land lease communities operator, sources told the Financial Review.
"If terms were agreed, it would likely see Ingenia and the $150 billion industry super fund ink a joint venture that would help the former free up cash" to launch a bid for the ASX-listed residential developer Peet.
Ingenia Communities, which operates Over 55s and all-age rental communities and holiday parks, has reportedly hired USB to look at the business to see if part can be sold off lucratively to raise money to land Peet.
In February this year, Perth-based 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.
Ingenia Communities has a market capitalisation of $1.57 billion, with Peet capitalised at $777 million.
The logic of Peet coming under Ingenia Communities control is essentially to provide a pipeline for Ingenia Lifestyle’s land lease business.
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