Hot on the heels of AMP Capital’s auction, the country’s property bigwigs are lining up for the next $1 billion-plus sale.
This time it’s family-owned over-50s resorts group GemLife, which is expected to be pitched as the biggest pure-play land lease communities owner in the country.
GemLife, owned by the Puljich family in Queensland, is set to test investor appetite in a material stake in the company, in a deal that puts a multibillion-dollar valuation on the business.
It’s expected to be pitched as the owner of 11,000-odd plots across more than 40 locations, mostly in Queensland and NSW.
BioPak has called in the bankers and a chairman to oversee the potential float, and is set to kick off talks with potential public and private market investors.
BioPak was founded in Australia and snapped up by the Swedes in 2018. It made about $27 million in operating income last year.
