- HomeCo Daily Needs REIT (HDN) has bought a Bunnings store in New South Wales for $56 million
- The store is located in Seven Hills, around 30 kilometres north-west of Sydney CBD
- The purchase continues to grow the company’s expansion into high-growth metropolitan geographies like Western Sydney
- On market close for the weekend, HomeCo is in the grey and trading at $1.25 per share
HomeCo Daily Needs REIT (HDN) has purchased a Bunnings store in New South Wales for $56 million.
The Bunnings store is around 22,300 square metres and is located in Seven Hills, around 30 kilometres north-west of Sydney CBD.
HomeCo says the purchase price represents a passing yield of 5.1 per cent and is proposed to be 100 per cent debt funded.
Bunnings Seven Hills is a well-established store and has been trading in this location for the past 10 years. The store is located near the intersection of major arterial M2 and M7 roads in Western Sydney.
Source: HomeCo
HomeCo is expecting the 2021 financial year funds from operations (FFO) per unit to be a minimum of 6 per cent ahead of the initial public offering (IPO).
The purchase continues to grow the company’s expansion into high-growth metropolitan geographies like Western Sydney.
Just last month, HomeCo purchased the Marsden Shopping Centre in Queensland for $48 million.
On market close for the weekend, HomeCo is in the grey and trading at $1.25 per share.