MEDIA RELEASE: Qualitas launches IPO with $735 million market capitalisation

29 November 2021


Qualitas Limited, the proposed ultimate holding company of the Qualitas Group (Qualitas or Company), one of Australia’s leading alternative real estate investment managers, is pleased to announce the lodgement of its prospectus (Prospectus) with the Australian Securities and Investments Commission (ASIC) to list on the Australian Securities Exchange (ASX) via an initial public offering (IPO or Offer)1.

The Offer involves the issue of new shares by the Company, which is expected to raise total gross proceeds of $335 million based on an Offer price of $2.50 per share.  The Offer is fully underwritten and the Company’s indicative market capitalisation is $735 million.

Founded 13 years ago, Qualitas’ funds platform today consists of 13 active funds, comprising five specialist commercial real estate credit funds and eight specialist real estate private equity funds. Together with other investor and non-fund mandates, Qualitas has a total of $4.22 billion in funds under management (FUM), having delivered compound annual growth in FUM since inception of 36 per cent. Qualitas has over 65 staff members across its Melbourne and Sydney offices and a senior executive team that has an average of more than 28 years of real estate investment, structured finance and investment management experience.

Qualitas Chairman Andrew Fairley AM said: “Since its founding, the business has sought to leverage its strong local market knowledge, specialised management skillset, industry contacts and broader investment infrastructure spanning origination, execution and active asset management to deliver on its investment strategies. This investment approach has driven attractive, risk-adjusted returns for our fund investors and, in turn, has enabled Qualitas to consistently grow its underlying FUM and build strong, enduring relationships with domestic and international institutions. We are excited about the future prospects of Qualitas and are pleased to have the opportunity to welcome new investors to share in this exciting journey.”

Qualitas Co-Founder and Group Managing Director Andrew Schwartz said: “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. 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. We treasure our Qualitas track record and will work hard to maintain our results now and into the future for the benefit of new and existing investors.”

Proceeds from the Offer will be used primarily to fund co-investments to grow FUM and to provide balance sheet capacity to underwrite, bridge and warehouse time-sensitive investment opportunities for Qualitas funds.

The existing shareholders of Qualitas are not selling any shares as part of the Offer. Immediately following completion of the Offer, it is expected that existing shareholders will hold shares equivalent to approximately 54.4% of total shares then on issue. These shares will be subject to voluntary escrow arrangements, with the final tranche escrowed until late 2026.

Qualitas has applied for admission to the official list of the ASX and quotation of shares on the ASX, under the code “QAL”. Subject to the approval of the application, it is expected that trading of the shares will commence on a conditional and deferred settlement basis on or about 16 December 2021.

The Prospectus contains important information in relation to Qualitas, the Offer, and the key risks associated with an investment in Qualitas. The Prospectus in electronic form is available to Australian residents at and in printed form by contacting the Qualitas Information Line. Questions in relation to the Offer may be directed to the Qualitas Information Line at 1800 628 703 (within Australia).

Macquarie Capital (Australia) Limited is acting as Joint Lead Manager and Underwriter of the Offer. Canaccord Genuity (Australia) and E&P Corporate Advisory are acting as Joint Lead Managers of the Offer.  The co-lead manager is Crestone Wealth Management Limited and co-managers of the Offer are Bell Potter Securities and Taylor Collison. MinterEllison is acting as legal adviser to Qualitas in relation to the Offer. KPMG Financial Advisory Services (Australia) Pty Ltd is acting as Investigating Accountant. KPMG is the Tax Adviser, and Link Market Services have been appointed as the Share Registry.


29 November 2021

For further information, please contact:

Kate Stokes, Head of Marketing and Communications, Qualitas
M: 0481 251 552

Clive Mathieson
Cato & Clive
M: 0411 888 425

1.  The shares will be offered under the prospectus.  In deciding whether to acquire shares a person should consider the prospectus and if they want to acquire shares they will need to complete the application form that will be in or will accompany the prospectus.
2. Represents committed capital and Investment Committee (IC) approved investor mandates as at 31 October 2021 in which Qualitas provides investment management services to deploy into investments. $4.2bn includes lending platforms Arch Finance and Peer Estate, SMA and other direct commercial real estate investments managed on behalf of investors.