- HMC Funds Management, an entity of HomeCo Daily Needs (HDN), has completed its non-renounceable entitlement offer and raised $265 million
- On April 19, the real estate investment trust announced it would be undertaking a $265 million equity raise to purchase seven assets from Home Consortium
- The institutional component of the offer was completed on April 21 and successfully raised around $90 million
- The retail component was then completed on May 7 and raised the remaining $175 million
- HomeCo has ended the day 1.17 per cent in the red with shares trading at $1.27
HMC Funds Management, an entity of HomeCo Daily Needs (HDN), has completed its non-renounceable entitlement offer and raised $265 million.
On April 19, the real estate investment trust announced it would be undertaking a $265 million equity raise to purchase seven assets from Home Consortium.
These assets span across Victoria, Queensland and New South Wales.
HomeCo also announced it would be purchasing Armstrong Creek Town Centre for a further $55.6 million.
HomeCo completed the institutional component of the one-for-2.36 entitlement offer on April 21 and successfully raised around $90 million.
This amount was raised through the issue of 71.8 million new units priced at $1.25.
There was strong support from institutional shareholders who took around 96.7 per cent of their entitlements.
The retail component was completed on May 7 and raised roughly $175 million with participants taking up 64 per cent of new units.
The units that weren’t taken up will be allocated to institutions that acted as sub-underwriters.
Units under the retail entitlement offer are expected to be allocated on May 14 and begin trading on the ASX on May 17.
HomeCo has ended the day 1.17 per cent in the red with shares trading at $1.27 in a $712.3 million market cap.