Thakral Corp is still “evaluating the various options that it has in maximising the return on its investment” in land lease owner/operator GemLife, which is looking for a new financial investor.
The Singapore-based diversified company said “no firm decision has been made on how it would deal with its interest” in Thakral Capital, its subsidiary used to hold the GemLife investment.
For FY2021 ended December 2021, Thakral booked $17.3 million for its share of earnings from GemLife, up from $6.4 million in FY2020.
The Over 50s lifestyle resort owners GemLife and Living Gems are seeking a reported more than $1 billion investor to cement themselves as the largest land lease operator in Australia, the SOURCE reported last Tuesday.
“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,” said CEO Adrian Puljich.
GemLife is a joint venture between Thakral and the Puljich family formed in 2016. Living Gems is the Puljich’s own business set up in 1982. When the merger goes through, Living Gems will be absorbed under the GemLife branding.
The combined GemLife entity will be pitched to investors as a portfolio of more than 11,000 land lease homes across 43 locations in Australia.
