Australia’s largest land lease community operator, Gateway, is about to be consumed by US LLC operator Hometown as it mops up the last shares at a cost of $685 million.
Including those selling out is Gateway original co-founder and CEO Trent Ottawa (pictured), reportedly selling 10.8 million shares for $24 million. He remains on the board while Pat Zilis, President of Hometown America, takes over as Chairman.
Gateway only listed three years ago. Trent Ottawa and Todd Pepper were the drivers behind the business from around 2003 up to the float. They received backing from Phil Green and Trevor Loewensohn who were the executives behind Babcock & Brown Communities which became Lendlease Retirement in the GFC.
