HomeCo Daily Needs REIT

HomeCo Daily Needs REIT
HomeCo.
Company typePublic company
ASX: HDN
ISINAU0000113136
IndustryCommercial realestate
Founded2017
HeadquartersLevel 7, Gateway, 1 Macquarie Place,
Sydney
,
Australia
Number of locations
52 (2022)
Area served
Key people
Sid Sharma (CEO)
Revenue
  • Increase AU$45.20M (2021)
  • US$198.30M (2022)
  • Increase AU$31.30M (2021)
  • US$335.10M (2022)
OwnerHMC Capital
Websitewww.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]

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]

References

  1. ^ "HomeCo Daily Needs REIT". HMC Capital. Retrieved 18 September 2022.
  2. ^ a b "FY22 RESULTS PRESENTATION". HMC Capital. 24 August 2022. Retrieved 19 September 2022.
  3. ^ a b c "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. ^ "S&P/ASX 200 (LIVE DATA): Share Prices & Charts".
  13. ^ "Choose location | HomeCo". home-co.com.au. Retrieved 22 September 2022.
  14. ^ "HomeCo ramps up funds management". The Australian. Retrieved 22 September 2022.