- GemLife is expected to list on the ASX on 3 July 2025
- Market capitalisation at Offer Price of ~A$1.58bn
- In conjunction with Offer, GemLife has entered into an agreement to acquire the Aliria Portfolio
GemLife, one of Australia’s largest residential pureplay Land Lease Community (“LLC”) developers, builders, owners and operators today announces a fully underwritten Initial Public Offering of 180.3 million Securities at a price of $4.16 per Security (“Offer Price”) to raise approximately A$750 million (the “Offer”).
In conjunction with the Offer, GemLife has entered into an agreement to acquire the Aliria Portfolio for a headline purchase price of $270.3 million.
Proceeds from the Offer will be used by GemLife to fund the acquisition of the Aliria Portfolio, including its initial eight projects, repay debt and other liabilities, provide cash for working capital purposes and pay for costs associated with the Offer.
The Offer comprises:
- The Institutional Offer, which consists of an offer to Institutional Investors in Australia and a number of other eligible jurisdictions to apply for securities.
- The Retail Offer, which consists of:
- Broker Firm Offer, which is open to Australian resident retail clients of Brokers who have received a firm allocation of Securities from their Broker; and
- Priority Offer, which is open to selected investors in eligible jurisdictions who have received a Priority Offer invitation.
Members of the public wishing to subscribe for Securities under the Offer must do so through the Broker Firm Offer.
GemLife is majority owned and led by its founding partners, the Puljich family and Thakral Capital. The Puljich family have over 40 years of experience in the LLC sector.
The founders are not selling any of their holdings in GemLife in connection with the Offer and will remain GemLife’s largest Security holders after completion of the Offer. The Puljich family will hold 26.3% and Thakral Capital will hold 16.7% of GemLife after Completion of the Offer and both have agreed to escrow arrangements.
It is expected that trading of Securities on the ASX will commence on 3 July 2025 under the ticker ‘GLF’ (on a conditional and deferred settlement basis).
Following Completion and the completion of the acquisition of the Aliria Portfolio, 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 Australia1.
Adrian Puljich, CEO said:
“Since establishing GemLife with Thakral Capital in 2015, it has been a privilege to help shape a company dedicated to building vibrant, high-quality communities for over-50s Australians. What began as a single community has evolved into a national portfolio of 32 Projects, powered by our vertically integrated model and an unwavering commitment to quality and innovation. At GemLife, we believe that putting our homeowners first leads to thriving communities. This philosophy has shaped every home we build and every community we create.
Our communities are designed to support active, connected lifestyles while offering a more cost-effective housing option for Australia’s over-50s population, helping to address key challenges in housing accessibility. 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.”
GemLife is headquartered in Queensland, Australia and the Board of Directors consists of Kristie Brown (as Chair), Mark Fitzgibbon, Alison Quinn, Bethal Thakral and Adrian Puljich.
GemLife’s executive team consists of Adrian Puljich as CEO and Ashmit Thakral as CFO.
Kristie Brown, Chair said:
“We oversee every step including land acquisition and master planning, council approvals, marketing, sales, home design, construction as well as ongoing community management. This enables us to deliver exceptional results for our customers. The acquisition of the Aliria Portfolio 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.
On behalf of the Board, I am pleased to invite prospective shareholders the opportunity to invest in GemLife’s continued growth, as the company embarks on this significant new phase of its development.”
GemLife business model
GemLife provides premium resort-style living for homeowners aged 50 and over, designed to support a high quality, active and socially engaged lifestyle.
GemLife aims to deliver master-planned residential communities to support a smooth transition for senior downsizers, with high-quality modern homes that are low-maintenance and well-equipped, together with recreational and leisure facilities to support community-oriented living.
GemLife benefits from a strong and fully integrated business model, which offers investors: (a) Site Rental Income from long-term owner-occupied sites, providing predictable and nonseasonal recurring cashflows; and (b) Home Settlement Revenue from the development and sale of homes.
Between FY17 and FY24, GemLife successfully sold and settled over 1,804 Homes. From FY19 to FY24, sales of Occupied Homes have grown at a compound annual growth rate (“CAGR”) of approximately 44%. Over the same period, GemLife has achieved an average Home Build Margin of approximately 50% and generated Home Settlement Revenue of approximately $1 billion.
This performance underscores GemLife’s track record of sustained growth, effective community management, and seamless integration of new sites into its portfolio.
In FY24, GemLife generated $266.3 million in revenue, resulting in $81.7million of Pro Forma Underlying NPAT.
GemLife’s proven capabilities, including site identification and significant greenfield development opportunities, positions the business to deliver strong financial performance.
In FY25F and 12M to Jun26F, GemLife is forecast to generate $269.5 million and $313.7 million in revenue and $86.2 million and $105.5 million in Pro Forma Underlying NPAT, respectively. The growth in revenue and Pro Forma Underlying NPAT reflects GemLife’s continued scaleup of its vertically integrated LLC model.
Current timetable for the IPO
| Prospectus Date | Tuesday, 17 June 2025 |
| Offer opens (Broker Firm Offer and Priority Offer) | Tuesday, 17 June 2025 |
| Offer closes (Broker Firm Offer and Priority Offer) | Wednesday, 25 June 2025 |
| Expected commencement of trading of Securities on ASX on a conditional and deferred settlement basis | Thursday, 3 July 2024 |
| Settlement of the Offer | Monday, 7 July 2025 |
| Issue and allotment of Securities under the Offer (Completion of the Offer) | Tuesday, 8 July 2025 |
| Expected commencement of trading on ASX on a normal settlement basis | Tuesday, 8 July 2025 |
| Expected dispatch of holding statements | Tuesday, 8 July 2025 |
The dates above are indicative only and may change.
Highbury Partnership is acting as the sole financial adviser to GemLife. J.P. Morgan and Morgan Stanley are acting as Joint Lead Managers, Bookrunners and Underwriters. Herbert Smith Freehills Kramer is acting as the legal adviser to GemLife.
Link to offer website: ipo.gemlife.com.au.
1 Subject to receipt of DA and other regulatory approvals. The total number of Homes GemLife is able to construct is subject to completion of all current Projects and assuming the receipt of all DA approvals for the number of Sites applied for.
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