Melbourne based developer GURNER™ has announced a $150,000,000 partnership mega-deal with real estate investor Qualitas.
The newly established equity will enable the luxury developers to capitalise on the fragility in the current market by acquiring new sites and bolstering its already impressive $5.7billion portfolio.
GURNER™ CEO, Tim Gurner, said that the funds will enable the developer to be decisive moving forward.
With $150million in capital available, we can act quickly on opportunities and hunt aggressively to identify the right opportunities.GURNER™ CEO – Tim Gurner
The group will now turn its attention to strengthening its presence across Australia and New Zealand’s larger cities, with particular focus on the Emerald City.
“We’ll focus closely on Melbourne and Sydney, followed by Brisbane, the Gold Coast and Auckland, with Perth if it feels right,” said Gurner.
“This time a large focus will be on Sydney – we missed the last run on the market so we don’t want to be in that position again and are open to all scale of development in Sydney,” he said.
Qualitas managing director and co-founder, Andrew Schwartz, told of his delight to have struck the partnership deal and said that the two partners’ strengths will combine well going forward.
“We are very pleased for Qualitas to enter this part of the cycle with significant unspent discretionary capital,” he said.
“It is in this type of environment that Qualitas and our development partners such as GURNER™ do our best.”
“Therefore, we expect the creation of this platform with the GURNER™ team to generate significant deal pipeline and compelling risk-adjusted returns for our Funds,” he added.