HomeCo Daily Needs REIT

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HomeCo Daily Needs REIT
HomeCo.
Type Public
ASX:  HDN
ISIN AU0000113136
IndustryCommercial realestate
Founded2017
HeadquartersLevel 7, Gateway, 1 Macquarie Place, ,
Australia
Number of locations
52 (2022)
Area served
Key people
Sid Sharma (CEO)
Revenue
  • Increase2.svg AU$45.20M (2021)
  • US$198.30M (2022)
  • Increase2.svg AU$31.30M (2021)
  • US$335.10M (2022)
OwnerHMC Capital
Website www.hmccapital.com.au/our-funds/homeco-daily-needs-reit/

HomeCo Daily Needs REIT, also known as HomeCo, is an Australian real estate investment trust (REIT) specialising in ownership and management of Australian shopping centres. The publicly traded company (ASX: HDN) owns 52 shopping centres in 5 Australian states. As of 2022, their centres are valued at $4.6 billion. [1]

Contents

History

In 2016, HomeCo's parent company, HMC Capital, acquired the Masters Home Improvement's holding company, Hydrox Holdings Pty Limited, for their property portfolio after its closure in 2016. [2] [3] [4] The $725m acquisition provided HMC Capital with more than 700,000sqm of large scale retail space. [3] [5]

A subsidiary of HMC Capital, HomeCo Daily Needs REIT, was founded by HMC Capital in 2017. [6]

In October 2021, HomeCo's parent company, HMC Capital announced a $2.2 billion merger deal with Aventus Group. [7] [8] The merger was completed in February 2022 and the Aventus Group was delisted from the ASX. [9] [10]

Financial performance

HomeCo Daily Needs REIT was listed on the ASX during November 2020 with a $300m initial public offering and was listed with $844m worth of assets. [2] Since December 2020, its funds under management have grown by 431%. [11]

The REIT is listed on the ASX 200. [12]

Locations

HomeCo has 52 centres across 5 Australian states. There are 19 centres in New South Wales, 12 in Queensland, 2 in South Australia, 15 in Victoria, and 4 in Western Australia. [13] The majority of HomeCo centres are former Masters Home Improvement stores which were acquired in 2016, with the other portion of centres being acquisitions of preexisting centres. [3] [14]

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References

  1. "HomeCo Daily Needs REIT". HMC Capital. Retrieved 18 September 2022.
  2. 1 2 "FY22 RESULTS PRESENTATION". HMC Capital. 24 August 2022. Retrieved 19 September 2022.
  3. 1 2 3 "Home Consortium's Masters deal creates biggest bulky portfolio". Australian Financial Review. 25 August 2016. Retrieved 19 September 2022.
  4. "Home Consortium opens Braybrook Centre". Shopping Centre News. 25 October 2018. Retrieved 22 September 2022.
  5. "HomeCo – The new player on the Australian shopping centre scene". Shopping Centre News. 30 July 2019. Retrieved 12 October 2022.
  6. "Shopping centre owner HomeCo debuts on ASX". 7NEWS . 14 October 2019. Retrieved 19 September 2022.
  7. Paris, Taryn (19 October 2021). "HomeCo Merges with Aventus in $2.2bn Deal". The Urban Developer. Retrieved 22 September 2022.
  8. "HomeCo Daily Needs REIT to merge with Aventus Group". Shopping Centre News. 18 October 2021. Retrieved 22 September 2022.
  9. "ASX Report: Merger Successfully Implemented". List Corp. 4 March 2022. Retrieved 22 September 2022.
  10. "Aventus Group (ASX:AVN) Stock Information". List Corp. Retrieved 22 September 2022.
  11. Carter, Bridget (25 February 2022). "David Di Pilla's high aim suggests Home Co is lining up GPT or Vicinity move" . Retrieved 11 October 2022.
  12. https://www.marketindex.com.au/asx200
  13. "Choose location | HomeCo". home-co.com.au. Retrieved 22 September 2022.
  14. "HomeCo ramps up funds management". The Australian. Retrieved 22 September 2022.