It looks like an artificial sentence, lacking context, apparently designed to illustrate two meanings of 'peer', but 'peer' the noun is not a synonym for 'friend' and doesn't translate as 'friend', while 'peer' the verb means more than 'look'.
I can't however claim that it makes absolutely no sense. It has more content than, say, "He peers at the peers" or "He peers at his peers". The purpose of the sentence can only be to learn vocabulary and develop an awareness of words that are spelt the same and sound the same, but have different meanings.
I got interrupted and so, rather behind with the exchange.
Thanks for your input, Hermione. I know what you mean. To be honest, I'm looking for an easier way to memorize the word, "peer." So my sentence may sound artificial but as long as it make sense, it serves its purpose.