Australia's Peet jumps on development deal
24/06/2022 03:46
** Shares of Peet PPC.AX rise as much as 6.2% to A$0.945,
hitting their highest since June 16
** Posts biggest intraday percentage gain since May 25
** The residential developer says it entered into
development management agreements with Renewal SA urn:newsml:reuters.com:*:nFWN2YA0QF
** Agreement is to develop two inner city sites in South
Australia
** Sale at St Clair project, the second site, in South
Australia is expected to begin in second half of FY23, with an
expected gross development value of A$40 mln ($27.61 mln )
** Stock marks biggest weekly gain since May 27
** PPC stock down 16.4% this year, as of last close
($1 = 1.4486 Australian dollars)
(Reporting by Navya Mittal in Bengaluru)
((navya.mittal@thomsonreuters.com))
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