American real estate giant Proprium Capital Partners wants to add one of Australia’s best-known property development and construction companies to AVID Property.
AVID bought all eight of the Puljich family’s Living Gems land lease sites at the time, for an average of $36.5 million a resort, in a $284.5 million deal in May. It also announced the launch of a new $1.1 billion land lease communities business Vantage to develop six new sites in its own master planned communities.
Proprium’s offer for AVJennings, which also operates in New Zealand, is 67 cents a share — a 108% premium to the three-month volume-weighted average price of 32.21 cents. AVJennings, established in Melbourne in 1932, has indicated it would allow Avid to conduct due diligence before it finalised the offer.
House and land package developer Avid holds a portfolio in excess of 6300 blocks and a $5 billion revenue pipeline.
AVJennings delivered revenue of $274 million, a 23% increase over the previous year in FY23. At 30 June 2023, it had a pipeline of 14,094 lots.
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