ASX ANNOUNCEMENT: Qualitas establishes European Office

12 June 2026

Qualitas Limited (ASX:QAL) is pleased to announce the establishment of a real estate private credit platform in Europe.

This is a key step in executing the growth strategy outlined in Qualitas’ 1H26 results investor presentation, expanding its commercial real estate (CRE) private credit platform into attractive international markets through both organic and inorganic channels. To accelerate this strategy, Qualitas has agreed to acquire the investment management business of UK-based Starz Real Estate (Starz), providing an established local team managing an existing loan portfolio backed by institutional capital.

Founded in 2018, Starz is a UK-based CRE private credit manager overseeing a £376 million¹ CRE credit portfolio across the UK and Europe. Under the acquisition agreement, the newly established European division of Qualitas will assume management of the existing portfolio (Manager), comprising 11 investments. The total financial consideration for the acquisition is A$36.5 million² which will be met from existing cash reserves of Qualitas. Of this total, A$28 million is specifically for the purchase of the Starz co-investment positions held by the Manager and the remaining A$8.5 million of the consideration is for the purchase of the net positive working capital, most of which is in the form of cash currently held by Starz.

Funds under management (FUM), Fee Earning FUM and earnings from the portfolio of the European division will be reported separately from Qualitas Australian business, as the Starz £376m¹ portfolio is in capital repatriation phase. On current expectations, the establishment of the European office is not expected to have a material impact on the Company’s FY26 or FY27 earnings. Completion of the transaction occurred simultaneously with the execution of the transaction documents.

The newly established real estate private credit platform is expected to benefit from an established team with fully integrated in-house capabilities across origination, asset management, finance and legal functions. Supported by global institutional capital complementary to Qualitas’ existing investor base, the platform is well positioned to originate and deploy capital across multiple European jurisdictions.

Andrew Schwartz, Group Managing Director and Co-Founder, Qualitas said: “The UK and European commercial real estate lending market is more than five times the size of Australia³, providing a significant opportunity to expand our private credit platform in a large and highly developed market. We are excited by the scale of the opportunity and believe the combination of an experienced local team, synergistic institutional relationships and Qualitas’ proven investment approach positions us well to capitalise on growing demand for private credit as traditional financiers’ participation continues to decline.”

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Investor briefing

An investor briefing was held today with Andrew Schwartz (Group Managing Director and Co-Founder). Please use the link here to access the webcast replay.

You can also access the slides in the ASX Announcement here.

Authorised for release by the Board of Directors of the Company.

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About Qualitas

Qualitas Limited ACN 655 057 588 (Qualitas) is an ASX-listed Australian alternative real estate investment manager with approximately $10.9 billion of committed funds under management⁴.
Qualitas matches global capital with access to attractive risk-adjusted investments in real estate private credit and real estate private equity through a range of investment solutions for institutional, wholesale and retail clients. Qualitas offers flexible capital solutions for its partners, creating long-term value for shareholders, and the communities in which it operates.
For 18 years, Qualitas has been investing through market cycles to finance assets, now with a combined value of over $40 billion⁴ across all real estate sectors. Qualitas focuses on real estate private credit, opportunistic real estate private equity, income producing commercial real estate and build-to-rent residential. The broad platform, complementary debt and equity investing skillset, deep industry knowledge, long-term partnerships, and diverse and inclusive team provides a unique offering in the market to accelerate business growth and drive performance for shareholders.

Notes

1. Portfolio value as at 7 June 2026 reflects gross loan exposure including leverage.

2. Total financial consideration is subject to final completion accounts and is not expected to materially change.

3. European and UK CRE financing market size estimated based on Bayes Business School European CRE Lending Report December 2023 and Bayes Business School UK Commercial Real Estate Lending Report 2025. Australian CRE financing market size estimated based on Alvarez & Marsal Private Debt Market Review 2025 and APRA Quarterly Authorised Deposit-Taking Institution Property Exposure December 2025.

4. As at 31 December 2025.

Disclaimer

This announcement contains general information only and does not take into account your investment objectives, financial situation or needs. Qualitas is not licensed to provide financial product advice in relation to Qualitas shares or any other financial products. This announcement does not constitute financial, tax or legal advice, nor is it an offer, invitation or recommendation to apply for or acquire a share in Qualitas or any other financial product. Before making an investment decision, readers should consider whether Qualitas is appropriate given your objectives, financial situation and needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser. Past performance is not a reliable indicator of future performance. This announcement also contains forward-looking statements. Forward-looking statements can generally be identified by the use of words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “positioned,” “strategy,” and similar expressions. Forward-looking statements, opinions, and estimates provided in this announcement are based on assumptions and contingencies which are subject to change without notice, and involve known and unknown risks and uncertainties and other factors that are beyond the control of Qualitas, its directors and management. Forward-looking statements are not guarantees of future performance and actual results, conditions, and events may differ materially from those expressed or implied in such statements. Qualitas cautions readers not to place undue reliance on any forward-looking statement. Subject to any continuing obligations under applicable law or ASX Listing Rules, Qualitas does not undertake to publicly update or revise any forward-looking statement, or to advise of any change in assumptions on which any such statement is based, whether as a result of new information, future events, or otherwise.