GemLife Communities Group, an Australian developer and operator of land lease communities for the over-55s, has raised more than A$750m (€424m) in its initial public offering (IPO). It will begin trading on the Australian Stock Exchange on July 3.
GemLife will use part of the proceeds to buy a portfolio of sites from the Aliria Group for A$270m. The acquisition will make GemLife the fourth largest land-lease company in the country.
GemLife was established by the Puljich family and the Singapore-based investor, Thakral Corp, a decade ago. The Singapore-listed Thakral, which held a 31.7% interest said post-listing it would hold a 16.8% interest in the public company.
“Demonstrating confidence and ongoing commitment to GemLife, Thakral intends to subscribe for an additional 600,962 GemLife stapled securities at the IPO price of A$4.16 per Stapled Securities,” said Thakral.
Inderbethal (Bethal) Singh Thakral, CEO and executive director of Thakral, said: “Co-founding GemLife has been a deeply fulfilling journey into the over-50s living sector. From the beginning, our close partnership with the Puljich family – built on mutual respect, trust, and shared values – has been central to turning a bold vision into a thriving reality.”
He added: “We are confident that the listing will unlock significant shareholder value and set the stage for an exciting new chapter of growth for both GemLife and Thakral.”
Adrian Puljich, CEO, GemLife said: “Since establishing GemLife with Thakral Capital in 2015, it has been a privilege to help shape a company dedicated to building vibrant, high-quality communities for over-50s Australians.
“What began as a single community has evolved into a national portfolio of 32 projects, powered by our vertically integrated model and an unwavering commitment to quality and innovation. Our communities are designed to support active, connected lifestyles while offering a more cost-effective housing option for Australia’s over-50s population, helping to address key challenges in housing accessibility.”
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