- Through its entity HMC Funds Management, HomeCo Daily Needs (HDN) successfully completes a $70 million institutional placement
- The funds were raised through the issue of roughly 48.3 million new ordinary shares at $1,45
- HomeCo will use the money to fund the $160 million acquisition of Town Centre Victoria Point in Queensland
- Shares will settle on July 8 and be allocated and begin trading on the ASX on July 9
- HomeCo ended Tuesday 3.01 per cent in the red with shares trading at $1.45
HomeCo Daily Needs (HDN), through its entity HMC Funds Management, has successfully completed a $70 million institutional placement.
The real estate investment trust company entered a trading halt on July 5 stating it needed to raise funds to acquire the Town Centre Victoria Point, Queensland for $160 million.
The shopping centre lies 30 kilometres southeast of the Brisbane CBD and is surrounded by a Woolworths and Bunnings.
It has a 98 per cent occupancy rate, a weighted lease expiry of 7.1 years and a gross leasable area of 20,892 square kilometres.
The $70 million was raised through the issue of roughly 48.3 million new ordinary shares at $1.45.
Shares will settle on July 8 and be allocated and begin trading on the ASX on July 9.
HMC Chairman Simon Shakesheff is pleased with the support received.
“We are very pleased with the strong level of support from both existing and new investors in the institutional placement which is a great endorsement of our strategy and the acquisition of Town Centre Victoria Point,” Mr Shakesheff commented.
HomeCo ended Tuesday 3.01 per cent in the red with shares trading at $1.45 in a $1.02 billion market cap.