This article is from the Australian Property Journal archive
HOME Consortium has completed its $140 million placement that it launched on Wednesday as part of a raising to fund its spending spree on three Woolworths-anchored neighbourhood centres, a large format retail complex and an aged care facility.
Each of the shopping centres are anchored by Woolworths supermarkets and were bought for a total of $127.8 million, and include Prestons Place in Sydney, Rosenthal Shopping Centre in Melbourne’s Sunbury, and Vincentia Marketplace on Jervis Bay.
HomeCo plans to spin off the centres, along with other assets, into a new trust focusing on retail properties catering to daily needs, while the 250 bed Aurrum Erina north of Sydney was bought for $32.59 million and likely be included in another new trust based around health and wellness.
Goldman Sachs Australia Pty Limited and Jarden Partners Limited oversaw the placement.
Aurrum Erina will be funded by the payment of $12.59 million in cash and the issue of $20 million of new fully paid ordinary stapled securities at an issue price of $2.88. The raising also includes a non-underwritten security purchase plan for eligible securityholders to raise $30 million.
Its recent $25 million acquisition of the 15,500 sqm Parafield Retail Complex in Adelaide’s north will also be funded by the raising.
