The Abu Dhabi Investment Authority (ADIA) has entered into two deals with Qualitas, which include up to A$1.7bn (鈧�1.2bn) worth of commercial real estate credit investment mandates and equity investment in the ASX-listed non-bank lender.
ADIA is investing an initial A$700m in Qualitas Diversified Credit Investments (QDCI), a new vehicle created exclusively for the sovereign wealth fund with Qualitas co-investing 5% or A$35m in QDCI.
In addition, Qualitas has granted options to ADIA under which the investor may acquire up to 32.6m new ordinary shares in Qualitas, representing almost 10% of issued equity.
Andrew Schwarz, group managing director and co-founder of Qualitas, told 91传媒在线 that the options were priced at A$2.50 each 鈥� the same as the company鈥檚 initial public offering share price 鈥� and would be worth A$82m in total.
鈥淏ut in order to access the options, ADIA has to give Qualitas another A$700m mandate to pick up the first 7% of our shares, and thereafter, it will get an additional 1% for every A$100m additional mandate up to A$1bn.鈥�
Asked why ADIA wanted to be a shareholder in Qualitas, Schwarz said the investor could see 鈥渁 lot of value uplift as the business grows鈥�.
鈥淎DIA is awarding more mandates to us and would like to share in the value of a growing business. By investing in the company, they are creating an alignment with the management company.鈥�
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