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Thakral seeking investors for GemLife joint venture; 'multi-billion' valuation to be 'finalised'

The Edge Singapore
The Edge Singapore5/3/2022 06:06 PM GMT+08  • 3 min read
Thakral seeking investors for GemLife joint venture; 'multi-billion' valuation to be 'finalised'
A clubhouse that's part of a GemLife retirement resort in Australia / Photo: GemLife, Thakral
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Thakral Corp has confirmed that its retirement resort joint venture in Australia, GemLife, is in “advanced discussions” to be merged with a separate venture held by its local partner, the Puljich family.

In addition, GemLife is seeking “interest from potential investors” to take up “strategic stakes” of more than a billion dollars in the combined entity, which, according to the Australian Financial Review, can “fetch a multi‐billion-dollar valuation”.

“I can confirm that both Living Gems and GemLife are jointly conducting a strategic review of both businesses for the purposes of merging together and bringing on board a sizeable strategic investor who is willing to share in the growth story of what will be Australia’s largest pure play land lease operator, under the GemLife moniker,” Living Gems CEO Adrian Puljich was quoted as saying in Australian website The Weekly Source.

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