Land lease developer GemLife has revealed details of its launch on the Australian stock market, including its acquisition of a “rival” portfolio owned by its chief executive.
GemLife is due to list on the Australian Stock Exchange on July 3 with a market capitalisation of $1.58 billion.
With a fully underwritten initial public offering of 180.3 million shares at $4.16 each, it is raising $750 million on its debut on the ASX.
The ASX is currently being investigated by ASIC over its risk management frameworks and governance.
The float will fund the $270.3 million acquisition of Aliria, a pipeline of over-50s communities comprising more than 1000 homes launched by Adrian Puljich last year.
Puljich is the chief executive of GemLife, the company he developed with other members of the Puljich family.
He launched the Aliria Portfolio to “pursue alternative development strategies that were not constrained by GemLife’s capital requirements at the time”.
But the IPO proved to be an opportunity to consolidate their two portfolios, according to the offer prospectus, adding 3325 sites to the GemLife portfolio of which 329 are under development with another 921 DA-approved.
It began operation in 2016 with financial backing from Singapore-based Thakral Capital.
According to a media statement, the founders are not selling any of their holdings in GemLife and will remain GemLife’s largest shareholders with 26.3 per cent.
Thakral Capital will hold 16.7 per cent of GemLife after completion of the offer, down from its current 31.7 per cent share.
Aliria has an initial eight projects in progress, its first a $32-million over-50s community at Rockhampton.
GemLife—which describes itself as one of Australia’s largest pureplay land lease community developers, builders, owners and operators—has 32 active projects on its books.
It said that it had from 2017 to 2024 sold and settled 1804 homes, and that sales of occupied homes had grown at a compound annual growth rate of about 44 per cent.
GemLife said it had an average home build margin of about 50 per cent and generated settlement revenue of $1 billion.
In the 2024 full year, GemLife reported $266.3 million in revenue, and $81.7 million of net profit after tax.
GemLife has a considerable pipeline of projects in progress, including a newly approved over-50s project at Moreton Bay and a $210-million Townsville project lodged this year, as well as receiving approval for a $450-million southern Gold Coast development that it claimed was Australia’s first vertical land lease community.
Puljich said in a media statement that its aim as a newly ASX-listed company was to “lead the way in the downsizing sector”.
“Our goal is to help people unlock the equity in their homes and embrace a lifestyle that offers more freedom, connection and peace of mind,” Puljich said.
