GreenFort Capital & Gaw Capital Partner Launch a Land Lease Community Platform in Australia

June
21

Australia/Hong Kong, 21 June 2024 – Alternative Real Estate Fund Manager GreenFort Capital and Real Estate Private Equity Firm Gaw Capital Partners today announced a joint venture, through their managed funds, to acquire and develop an AUD$800 million pipeline of over 50’s land lease community projects.

The joint venture accelerates GreenFort’s plans to scale its new Liven Communities business to an initial platform of 1,200 land lease dwellings across the east coast of Australia.

GreenFort executives Adam Vaggelas, Nick Singleton, and Daniel Cheilyk established the Liven Communities land lease business last year and have acquired a 57,000m2 parcel of land on Beach Road at Hervey Bay in Queensland, with approval to develop 132 homes and resort style community facilities including residents lounge and bar, gymnasium, cinema, outdoor BBQ areas, pool, tennis and pickleball courts.

The group has also recently purchased Willow Village in Southside, near Gympie in Queensland – an existing 26 home community on a 25,000m2 site – together with an adjacent 75,000m2 parcel of land with development approval in place for a further 150 homes and extensive recreational and community facilities.

GreenFort Partner and Liven Communities Co-Founder Adam Vaggelas said Australia’s rapidly ageing population, lack of housing supply, and deteriorating housing affordability represented a significant opportunity.

“The domestic population base is ageing rapidly, and the provision of affordable housing supply has never been so constrained,” Mr Vaggelas said. “We see a compelling opportunity to deliver quality, well located land lease accommodation which will assist senior Australians to downsize and release equity to fund their retirement.”

Kenneth Gaw, President and Managing Principal of Gaw Capital Partners said, “We are excited to partner again with GreenFort to launch our land lease community platform in Australia. Our shared vision of providing high-quality housing solutions aligns perfectly with the growing demand and changing demographics in Australia. In addition, this joint venture further strengthens our commitment to investing in sustainable and innovative projects that positively impact communities.”

The GreenFort and Gaw Capital joint venture is the second for the investment partners after they joined forces on the Reside Communities retirement living platform in 2018. Since then, the Reside development and operating portfolio has grown to more than 1,000 homes with a gross value of approximately AUD$1 billion.

 

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About GreenFort Capital

Established in 2017, GreenFort Capital is one of Australia’s leading diversified Living Sector Specialists with full cycle capabilities across the origination, delivery, investment management and operation of projects throughout Australia.

The company focuses on macro driven strategies, specialising in the investment and development of assets within the alternative and accommodation real estate sectors.

The principals and staff of GreenFort Capital have extensive experience across over 10,000 dwellings and beds of institutional grade residential investment having been key players in the institutionalisation of living sector assets in Australia, including build to rent, retirement living, land lease communities, disability housing, student housing and childcare.

About Gaw Capital Partners

Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally.

Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with its own in-house asset management operating platforms in commercial, hospitality, property development, logistics, IDC and Education. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects.

Gaw Capital has raised seven commingled funds targeting the APAC region since 2005. The firm also manages value-add/opportunistic funds in the US, a Pan-Asia hospitality fund, a European hospitality fund, a Growth Equity Fund and it also provides services for credit investments and separate account direct investments globally.

Gaw Capital has raised equity of US$22.5 billion since 2005 with assets of US$35.9 billion under management as of Q4 2023.

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