Lendlease investors Aware Super and APG reportedly in running for $2B GemLife

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Australia’s third largest superannuation fund Aware Super, which holds 49.9% of Lendlease’s Retirement Living brand, and Dutch pension fund APG, which owns 25% of the same portfolio, are reportedly looking to invest in QLD-based land lease operator GemLife, created by the Puljich Family, for a suggested $2 billion,

Earlier this month Living Gems CEO Adrian Puljich (pictured) told The SOURCE:

“I can confirm that both Living Gems and GemLife are jointly conducting a strategic review of both businesses for the purposes of merging together and bringing on board a sizeable strategic investor who is willing to share in the growth story of what will be Australia’s largest pure play land lease operator, under the GemLife moniker.”

The high interest is based on the fact that GemLife has a reported 11,000 housing sites across its portfolio, and predicts by year end it will be the largest LLC operator in the country.

We reported the merger plan of Living Gems and GemLife, owners and operators of over-50s land lease development, in February and the Queensland-based family business has retained investment banker Highbury Partnership for the third party investor search.

The Australian reported APG and Aware Super are among the parties in the running for the merged GemLife, which was founded in 2016, and has received financial backing from Thakral Capital, a financial investor and subsidiary of Singapore’s Thakral Corporation.

GemLife is developing new sites including Palmwoods (pictured above) on QLD’s Sunshine Coast, where Stage 2 is now selling with prices starting at $630,000.