Guinness Peat agrees to sell stake in Australian property developer CIC to Peet for A$15 mln

Guinness Peat Group, the investment company liquidating its holdings, has agreed to sell 19.9 percent of ASX-listed property developer CIC Australia to Peet Ltd for about $15 million.

Peet today announced a cash takeover for all the shares in CIC for 60 Australian cents apiece or A$76 million, it said in a statement to the ASX. CIC has seven active projects in Australian Capital Territories, New South Wales, South Australia and the North Territories worth A$148 million.

“GPG intends to accept the bid for its entire shareholding in CIC on or before 7 May 2013, subject to there being no superior proposal at that time,” it said in a separate statement.

Shares of CIC last traded at 63 Australian cents on the ASX, valuing the company at A$78.6 million. Peet, a land development and fund management firm, last traded at A$1.40 for a market value of A$443 million.

GPG shares last traded at 60 cents on the NZX.