The fast-moving land lease sector has experienced a second surprise within days, with the Puljich family announcing this morning it has agreed to sell one of its established communities plus four highly-prized development-approved sites in the coveted SE QLD corner.
Stockland and Living Gems have released press releases on the deal, with Living Gems CEO Adrian Puljich stating the injection of $210 million capital, about $164,000 per home site, would allow the family to continue expanding the Living Gems footprint elsewhere.
“While South East Queensland remains a key market, we are also looking at opportunities to grow Living Gems across Queensland and into other states,” Adrian said.
“My father’s pioneering spirit is deeply etched into the DNA of Living Gems, which drives us to continually evolve and enhance our offering to create new and dynamic experiences for residents.”
Peter Puljich (pictured) founded Living Gems in 1982, with the business today headed by his son Adrian with brother Vlad General Manager. Adrian established GemLife on his own, financed by Singapore-listed conglomerate Thakral Corp, and has built 11 communities.
Stockland’s transaction comprises four future communities for development in Queensland at Beerwah, Burpengary East, Logan Village and Eagleby Heights, all with development approvals, and one existing community at Glenvale (Living Gems Toowoomba - pictured) of around 200 home sites with further development opportunity.
On completion, the portfolio will add approximately 1,280 home sites to Stockland’s burgeoning portfolio of land lease communities. It takes Stockland’s land lease holdings to more than 10,500 home sites, consisting of 2,352 established home sites and 8,178 sites in the pipeline.
Adrian said he retained eight communities and had four greenfield sites still under ownership.
It was only in January last year that Adrian said he was planning to merge GemLife with Living Gems to become the largest land lease operator in Australia.
The SOURCE published yesterday that a deal to buy land lease operator Serenitas for around $1 billion is nearing agreement.
The SOURCE: The deal releases cash to the family for further aggressive development while perhaps also rewarding Peter Puljich for his 40 years' commitment to pioneering land lease communities.
