Aware Super and APG taking look at $2bn GemLife

GemLife describes itself as one of the fastest-growing over-50s lifestyle resort operators with 10 communities across Queensland, northern NSW and Victoria.

Dutch pension fund APG and Australian superannuation fund Aware Super are believed to be among the parties lining up for the $2bn-plus Queensland-based retirement resort operator GemLife.

The business is owned by the Puljich family and is up for sale through Highbury Partnership. It sells manufactured homes to the 50-plus section of the market.

GemLife describes itself as one of the fastest-growing over-50s lifestyle resort operators with 10 communities across Queensland, northern NSW and Victoria.

Australian-listed comparable Lifestyle Communities is worth $2bn including debt and GemLife is expected to be worth well over that number. APG purchased a 25 per cent stake in Lendlease’s retirement business in 2017, paying $425m, while Aware Super purchased a 25 per cent stake last year for $460m.

In March, Aware Super purchased an additional 24.9 per cent interest for $490m. The deal sees Lendlease as a 25.1 per cent owner with Aware Super owning 49.9 per cent and APG the remainder.

Pension funds are considered the logical acquirers of GemLife, given that its sheer size puts it out of reach for some local retirement village operators.

It comes as RetireAustralia remains on the market and follows the sale by Stockland of its retirement business to private equity firm EQT last year.