Image – HomeCo.
  • IPO expected to be on 6 September this year
  • To trade under the ticker 'HCW'
  • Raising was strongly oversubscribed

HomeCo (ASX: HMC) recently announced that the HealthCo Healthcare and Wellness REIT (real estate investment trust) is expected to start trading new units on a normal settlement basis on 6 September this year.

Set to trade under the ASX ticker ‘HCW’, the new healthcare focussed REIT has now lodged the product disclosure statement with the Australian Securities and Investments Commission (ASIC).

Strong investor interest has also seen the company increase the raise amount from $600 million to $650 million, which includes a $130 million subscription by HomeCo, representing 20% of units on issue on completion.

“We are delighted with the strong level of investor support for HealthCo Healthcare and Wellness REIT with the raising strongly oversubscribed,” said David Di Pilla, HomeConsortium managing director and CEO.

“The proposed ASX listing of HealthCo Healthcare and Wellness REIT in early September marks another significant milestone for our organisation and builds on the success of HomeCo (ASX: HMC) and HomeCo Daily Needs REIT (ASX: HDN) which have both outperformed the S&P/ASX 300 A-REIT index since listing.”

David Di Pilla, HomeConsortium

The Underwriting Agreement was entered into following the receipt of commitments from Home Consortium and a range of domestic and global institutional investors and broker firm commitments from a syndicate of Joint Lead Managers and Retail Co-Managers to the Initial Public Offering (IPO).

HealthCo will have a net cash position and over $300 million of capacity for accretive acquisitions and developments post listing, the company also has credit approval for a $400 million senior debt facility.

The company already has a number of assets under its belt, including Health Hub Morayfield (Queensland) for $110 million, and two childcare acquisitions: one in Woolloongabba, Brisbane, Queensland, and the other in Five Dock, in the inner west of Sydney, NSW for a total of $23.2 million.

The portfolio also includes eight private oncology assets, and the soon to be constructed private hospital in Camden, New South Wales.

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