This article is from the Australian Property Journal archive
HOMECO Daily Needs REIT (HDN) managing director and CEO Darren Holland has announced his intention to retire following the integration of Aventus with big box retail rival HDN.
Holland co-founded Aventus in 2004 and is now in his 18th year as CEO, having overseen the group’s ASX listing in 2015.
HDN and Aventus agreed to a $2.8 billion acquitision deal in October that created a large format retail owner with 54 assets worth $4.4 billion and with a $500 million-plus development pipeline.
Current chief operating officer of HMC Capital Sid Sharma is the CEO-designate of HDN. He has been responsible for overseeing the asset management, development and capital transactions functions across the HMC group, including HDN since the REIT was established in late 2020. He was formerly the COO of SCA Property Group.
Holland will remain on the HDN board and be available to HDN management until the end of June to support a smooth transition and transfer of executive responsibility.
HDN posted a 121% increase in interim funds from operations to $30.6 million, while FFO per unit was up 38% to 4.0 cents.
“On behalf of the entire Board, we sincerely thank Darren and acknowledge his outstanding legacy achieved through Darren’s commitment and dedication to Aventus over many years. We wish Darren all the best with his future endeavours,” HDN chair, Simon Shakesheff said.
Holland said, “I am incredibly proud to leave the business in such strong shape and hand the reins over to Sid who is a highly energised and natural leader. It’s been an incredible journey which has been extremely rewarding and could not have been achieved without the support and dedication of my talented team, our retailers and investors over many years.
“As a committed shareholder, I am confident of HDN’s continued success and am looking forward to spending more time with my family and pursuing other interests.”
