GemLife CEO Adrian Puljich will ring the bell at the Australian Securities Exchange this Thursday, officially launching his land lease community business as a $1.58 billion public company – and one of the year’s largest IPOs.
At just 37, Adrian will be joined in Sydney by his wife Jess and their three children, residents from GemLife communities, and members of his executive and legal teams as they celebrate a milestone eight years in the making.
The company’s $750 million initial public offering, priced at $4.16 per security, will see 180.3 million securities released to market. GemLife has also inked a $270.3 million deal to acquire Adrian’s privately owned Aliria property portfolio, adding 3,325 home sites – including 921 DA-approved and 329 under construction – to its expanding national footprint.
From humble beginnings
The listing is the latest chapter in a story that began humbly, when Adrian’s father moved the family to a Gold Coast caravan park and saw a gap in the over-50s housing market. He seized it with his company Living Gems – and in 2016, Adrian followed with a vision of his own.
At just 28, Adrian founded GemLife and convinced Singapore-listed investment giant Thakral Corporation to come onboard, securing a 49.9% stake. Last year, he reduced Thakral's stake to 31.7%.
Today, GemLife has 13 land lease communities completed or under construction across Australia. Between FY17 and FY24, the company has sold and settled more than 1,804 homes, generating approximately $1 billion in revenue and delivering average home build margins of 50%.
In March 2023, Thakral called GemLife its crown jewel.
Taking the land lease model vertical
Adrian first captured the sector’s attention in 2022 when he made his debut at the DCM Group’s annual LEADERS SUMMIT. Scheduled in the late afternoon, his session started with an almost-empty room – but as soon as DCM Group CEO Chris Baynes introduced him, the seats filled.
He spoke calmly and confidently about his plans to rapidly scale the business and unveiled an ambitious dream: to build Australia’s first vertical land lease community. That $450 million low-rise apartment development, featuring 205 three-bedroom homes across seven buildings, has now been approved.
GemLife’s current pipeline includes 32 active projects – and now, with fresh capital, Adrian plans to accelerate growth even further.
“It’s a proud and exciting moment for all of us – both professionally and personally,” Adrian told The Weekly SOURCE.
“The listing marks a major milestone for GemLife and reflects the hard work and dedication that’s gone into building this business over the past eight years.
“This process has been both humbling and energising. While we’ll take a moment to celebrate, our focus remains firmly on our residents.”
