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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]
| HomeCo. | |
| Company type | Public company |
| ASX: HDN | |
| ISIN | AU0000113136 |
| Industry | Commercial realestate |
| Founded | 2017 |
| Headquarters | Level 7, Gateway, 1 Macquarie Place, Sydney , Australia |
Number of locations | 52 (2022) |
Area served | |
Key people | Sid Sharma (CEO) |
| Revenue |
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| Owner | HMC Capital |
| Website | www |
History
editIn 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
editHomeCo 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]
Locations
editHomeCo 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
edit- ^ "HomeCo Daily Needs REIT". HMC Capital. Retrieved 18 September 2022.
- ^ a b "FY22 RESULTS PRESENTATION". HMC Capital. 24 August 2022. Retrieved 19 September 2022.
- ^ a b c "Home Consortium's Masters deal creates biggest bulky portfolio". Australian Financial Review. 25 August 2016. Retrieved 19 September 2022.
- ^ "Home Consortium opens Braybrook Centre". Shopping Centre News. 25 October 2018. Retrieved 22 September 2022.
- ^ "HomeCo – The new player on the Australian shopping centre scene". Shopping Centre News. 30 July 2019. Retrieved 12 October 2022.
- ^ "Shopping centre owner HomeCo debuts on ASX". 7NEWS. 14 October 2019. Retrieved 19 September 2022.
- ^ Paris, Taryn (19 October 2021). "HomeCo Merges with Aventus in $2.2bn Deal". The Urban Developer. Retrieved 22 September 2022.
- ^ "HomeCo Daily Needs REIT to merge with Aventus Group". Shopping Centre News. 18 October 2021. Retrieved 22 September 2022.
- ^ "ASX Report: Merger Successfully Implemented". List Corp. 4 March 2022. Retrieved 22 September 2022.
- ^ "Aventus Group (ASX:AVN) Stock Information". List Corp. Retrieved 22 September 2022.
- ^ 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.
- ^ https://www.marketindex.com.au/asx200 [bare URL]
- ^ "Choose location | HomeCo". home-co.com.au. Retrieved 22 September 2022.
- ^ "HomeCo ramps up funds management". The Australian. Retrieved 22 September 2022.