joondalup shopping centre homeco
HomeCo large format retail in Joondalup, WA. Image – HomeCo.
  • Unaudited valuations increase of 6.5% to $1.38B
  • Net valuation increase of $61.1M or 4.7%
  • Richlands occupancy 95%

Home Consortium (ASX: HMC) and its other business HomeCo Daily Needs REIT (ASX: HDN) have been performing well throughout the first half of 2021.

The HomeCo Daily Needs REIT had an oversubscribed round of raising in late April to fund its acquisitions of seven large format retail assets across the eastern seaboard.

The raise saw some $265 million go through the company’s coffers.

HMC on the other hand embarked on an ambitious $500 million raise to kick off new arm of the business, HealthCo.

The HealthCo raise goal was swiftly upped to $1 billion, and as of mid-May, HealthCo’s seed portfolio has increased to $480 million and will be growing larger soon, as there are $300 million of additional assets currently under due diligence.

Today

HDN announced an unaudited valuation increase of 6.5%. That amounts to $84.7 million according to the company.

The net valuation has also increased by 4.7%, or $61.1 million.

“The high proportion of independent valuations undertaken this period reflects that no independent valuations were undertaken in December 2020 given the proximity to the IPO in November 2020 and the Board’s regard to the magnitude of the valuation gains for the latest six month period.”

HDN’s preliminary June figure increase means the total valuation now sits at $1.384 billion.

In other deveopment news, the company said its Richlands and Ellenbrook properties are “largely complete”, Richlands commenced trading in March this year with Fresh and Save Food Warehouse. Ellenbrook commenced trading in December 2020 with Spudshed and Spotlight.

“HDN’s five brownfield developments have been substantially progressed and are on track to deliver an average cash yield of 10%+ once fully stabilised.”

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