The Queensland-based land lease community operator yesterday afternoon announced a fully underwritten Initial Public Offering (IPO) of 180.3 million Securities at a price of $4.16 per Security to raise approximately $750 million.
GemLife is majority-owned and led by its founding partners, the Puljich family and Thakral Capital.
With over 40 years of experience in the land lease community sector, the Puljich family brings deep industry expertise to the business. Importantly, the founders are not selling any of their holdings in connection with the IPO and will remain GemLife’s largest security holders following the completion of the offer.
Post-IPO, the Puljich family will retain a 26.3% stake, while Thakral Capital will hold 16.7%. Both parties have entered into escrow arrangements, under which a third party will hold their shares until specified conditions for the transaction are satisfied.
GemLife also announced its Board yesterday afternoon.
Kristie Brown, who is a Partner with corporate finance and private investment group Couloir Capital and the Chair of Centuria Capital Group, has been appointed as Chair.
The board members are:
- Mark Fitzgibbon, the retired CEO of nib Group;
- Alison Quinn, the former CEO of RetireAustralia who is also on the boards of Oak Tree Group, UnitingCare Queensland, and Economic Development Queensland, and BWP Trust;
- Bethal Thakral, the CEO of Thakral Corporation; and
- Adrian Puljich, CEO of GemLife.
"As we enter this new chapter as an ASX-listed company, our vision remains clear: 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,” Adrian said.
Kristie added the acquisition of Adrian's boutique land lease operator Aliria for $270 million "represents a strategic and transformative growth opportunity for GemLife, significantly expanding our development pipeline and setting the stage for our long-term success as a listed company."
With Aliria's communities, GemLife will have 32 communities and projects in the pipeline, which are expected to comprise 9,836 sites across Queensland, New South Wales, Victoria and South Australia.
