Stockland is picking up $210 million in land lease community projects, taking its portfolio to more than 10,500 homes.
The ASX-listed group entered into binding agreements with the Puljich family’s Living Gems Group on four future communities, at Beerwah, Burpengary East, Logan Village and Eagleby Heights; and one existing community at Glenvale, a suburb of Toowoomba. All are in south-east Queensland.
The portfolio adds to Stockland’s successful acquisition of Halcyon for $620 million in 2021.
Construction has begun at three of the Living Gems communities and Stockland expects that all five communities will be in development within 12 months.
Stockland group executive Andrew Whitson said it has 2352 established homesites and 8178 in the pipeline.
“The acquisition of these five communities aligns with our strategic land lease growth plans,” Whitson said.
“[It] builds on our competitive strengths in masterplanned communities to generate quality recurring income, and leverages Stockland Halcyon’s proven track record of delivery in south-east Queensland.”
Living Gems chief executive officer Adrian Puljich said the strategic decision would allow both companies to continue flourishing in the growing over-50s sector.
“We look forward to maintaining our strong relationship with homeowners in our eight retained Living Gems resorts, while continuing to innovate and bring new communities to the market, including across the four greenfield sites that remain under our ownership,” Puljich said.
Stockland would fund the acquisition from existing financing facilities and the transaction was anticipated to be finalised by early August.
The Urban Developer Land Lease vSummit will take place on Thursday, July 27.
Click here to register and learn more.
