GemLife acquires eight new projects from Aliria after $270m buyout
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The news: Luxury retirement community operator GemLife Communities has completed the acquisition of an initial eight projects from CEO Adrian Puljich's Aliria business, after announcing a $270 million buyout last month.
The numbers: The eight projects are expected to add 2,200 sites to GemLife's portfolio, which now comprises 28 communities and projects, with 8,711 homes and sites.
The context: GemLife, which floated on the ASX earlier this month, announced in June that it would use part of the proceeds of its $750 million initial public offering to acquire Aliria's 12-community portfolio.
The final four projects are expected to be acquired over late FY25 to FY31.
Aliria, which owns a pipeline of over-50s communities comprising more than 1,000 homes, was launched by Puljich last year.
The source: ASX
