CIC AUSTRALIA AMALGAMATES WITH PEET LIMITEDWednesday, 10 April, 2013
CIC Australia’s growth trajectory is continuing with the announcement of a friendly merger with residential property developer, Peet Limited.
CIC Australia Chief Executive Office Col Alexander says the company has been on the lookout for a suitable residential land development partner for some years, and that Peet’s track record in the industry––more than 115 years––as well as its ethical approach to doing business, was what made the merger appealing.
“The two companies share the same business and company culture,” he says. “What also attracted us was that Peet operates in locations that CIC doesn’t, which means that together, the merged entity will boast major projects in all mainland states and territories.”
Like CIC, Peet focuses on developing high quality residential land estates and has approximately 70 owned, syndicated and joint venture projects across four states. It is headquartered in Western Australia and is Australia’s largest specialist residential land developer as well as one of Australia’s largest and most successful residential land syndicators.
CIC Australia began in Canberra in 1986 (then under the name Jerrabomberra Estates Limited) and quickly became one of the ACT’s most successful and progressive development companies before embarking on major projects in South Australia, the Northern Territory and New South Wales. It is headquartered in Canberra and has offices in Adelaide and Darwin.
Mr Alexander says that in the short-term, the merger will have no effect on the way CIC operates, including the company brand.
“The plan is to integrate the two companies to become a truly national entity,” he says. “It will take some time to work through this, but we are confident that with the skills and commitment of our staff, the process will be a smooth one that will have only a positive impact on our stakeholders.”