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Investor Bid Prompts Qualitas Float Offering Boost to $335m

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Non-bank lender Qualitas has upped the ante on its impending float on the Australian Securities Exchange after an eleventh-hour bid for shares.

The last-minute move by an investor has led to the size of its initial public offering being boosted to $335 million from a previously targeted $300 million.

It puts the value of the alternative property investment house at $735 million on a market capitalisation basis.

Lodging its prospectus this week, Qualitas co-founder Andrew Schwartz said the IPO would be used primarily to fund co-investments to grow funds under management and to provide balance sheet capacity to underwrite, bridge and warehouse time-sensitive investment opportunities.

“The IPO provides an opportunity for investors to partner with us in the operating vehicle and enjoy the future growth of a company highly respected by clients and well recognised by peers here in Australia and offshore,” he said.

“In many ways, we are still at the start of our journey and we are presenting this opportunity at a time of strong underlying momentum in our business across all our strategies.”

▲ Tim Gurner with Qualitas’ Mark Fischer and Rohan Davis: Qualitas recently teamed with developer Gurner in a $1.2-billion capital raising for a joint build-to-rent platform.
▲ Tim Gurner with Qualitas’ Mark Fischer and Rohan Davis: Qualitas recently teamed with developer Gurner in a $1.2-billion capital raising for a joint build-to-rent platform.


Subject to the approval, shares in Qualitas—which currently has $4.2 billion in funds under management—are expected to start trading on the ASX on or about December 16.

Schwartz, also group managing director, will hold 45.6 per cent of the company along with fellow founding shareholder Carol and Alan Schwartz’s Trawalla Group.

Qualitas chairman Andrew Fairley said he was excited about the future prospects of the company and the opportunity “to welcome new investors to share in this exciting journey”.

He said its investment approach had driven attractive, risk-adjusted returns for fund investors and, in turn, had enabled Qualitas to “consistently grow its underlying funds under management and build strong, enduring relationships with domestic and international institutions”.

The company has recently partnered with developer Gurner in a $1.2-billion capital raising for a joint build-to-rent platform, and together they also have acquired the former Parramatta PCYC for a planned $450-million mixed-use project.

It also teamed with Perth-based Greenpool Capital in a $132-million deal to purchase a 50 per cent stake in the Runaway Bay Centre on the Gold Coast.

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Article originally posted at: https://www.theurbandeveloper.com/articles/investor-bid-prompts-qualitas-float-offering-boost-to-350m