From out of nowhere the Puljich family has emerged with 43 land lease communities and a pipeline in excess of 11,000 homesites.
By comparison, market leader and listed operator Ingenia has approximately 4,200 homesites.
Across the 40 odd excellent speakers at our LEADERS SUMMIT in March, Adrian Puljich stood out for his age, his confidence and on message presentation. That message: GemLife will be the largest land lease community operator by any metric by December 2022.
Adrian is the CEO of GemLife and moved into the leadership of the family company Living Gems in 2010 when he was 22 years of age. At that time his father Peter had built a portfolio of four land lease communities.
Now at the age of 34, Adrian presides over 43 communities. He is supported by his brother Vlad.
In 2016 Adrian attracted Singapore’s Thakral investment group. This week the Australian Financial Review leaked that Matt Roberts and Ben Roberts from Highbury Partnership have been appointed by Adrian to secure a long-term funding partner, with expectations that the group will be valued in excess of $1 billion.
Given recent valuations by Stockland for the Halcyon purchase at $620 million for 13 communities and 3,800 development sites, GemLife is likely to be valued at substantially above the discussed $1 billion.
James Kelly’s listed land lease community group, Lifestyle Communities, with 25 locations and 2,200 development sites is valued today at $1.5 billion.
Adrian also presented at the LEADERS SUMMIT his plan to develop vertical land lease communities – a first for the sector (pictured below). He says this is a reality and progressing to development now, not a wish list item for the future.
As Matt Roberts from Highbury Partnership told us today, GemLife is a big and extremely well run business. What is apparent is that the Puljich family understand their value proposition and have created a machine that is leading corporate developers behind.
