The $800 million HomeCo Daily Needs REIT made its debut on the ASX trading just above its offer cost of $1.34 today.
The REIT is just a spin-off from the HomeCo investment that is shopping which itself floated in October 2019 and contains a profile of 16 assets, anchored by food and big format retailers.
HomeCo is diversifying a brand new Daily Needs REIT to its company
HomeCo is diversifying a new Daily Needs REIT to its company
It will be managed by the parent HomeCo while the board should include property stalwarts Simon Tuxen, previously at Westfield, and Simon Shakesheff from Stockland as independent directors being non-executive.
The trust may have a focus that is deliberate hyper-convenience and day-to-day needs renters and a solid diversification across tenants, sectors and geographies.
The new REIT has bought the Marsden Park Buying Centre in Brisbane’s south-west, which is anchored by supermarket giant Coles, from QIC for around $48 million to mark its first.
The David Di Pilla-backed HomeCo, whose hyper-convenience retail model expanded away from Woolworths’ failed Masters hardware sites, is continuing to grow its funds under management to $1.2 billion and it has seen an increase in asset value of about 5 % despite the pandemic that is worldwide.
Previous UBS banker Matthew Grounds, the Oatley household and Aussie mortgages founder John Symond also backed the HomeCo float 12 months that is last. The $800 million HomeCo Daily Needs REIT made its debut on the ASX trading just above its offer cost of $1.34 today.