HomeCo's new REIT to tap into growing healthcare sector
Home Consortium (HomeCo) has announced plans to list its new healthcare focused REIT, HealthCo Healthcare and Wellness REIT (ASX:HCW), on the ASX after successfully raising $650 million recently.
The raising was upsized from $600 million following the strong response from retail and institutional investors.
The REIT will invest in a diversified portfolio of healthcare assets including hospitals, aged care facilities, childcare facilities, medical centres and life science hubs.
Equity Trustees was appointed as custodian for the listed fund and currently acts as custodian for the HomeCo Daily Needs REIT (ASX:HDN), which owns convenience-based assets focused on neighbourhood, large format retail and health and wellness tenants in areas with access to densely populated trade areas.
The initial portfolio of the REIT will consist of 27 seed assets with a fair value of $555 million1, which includes tenants such as the Commonwealth and Queensland governments, GenesisCare, Acurio Health Group and Guardian Childcare.
Commenting on the launch, Sten Silavecky, Senior Manager, Structured Finance and Property, Equity Trustees said: “Equity Trustees is pleased to be working with HomeCo again to bring this exciting property fund to market.
“In response to strong client demand in recent years, Equity Trustees has continued to build the scale and expertise to work with some of the largest property trusts in the market.”
Equity Trustees currently acts as a responsible entity, trustee, bespoke custodian and escrow agent for a broad range of property trusts across Australia and New Zealand, acting on behalf of property funds with a total of $2.5 billion of assets.
1 Based on independent valuations as at 31 August 2021 for all properties in the portfolio excluding 10 assets which are valued at purchase price.
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Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth, London and Dublin. Philanthropy services are provided by Equity Trustees Wealth Services Limited (ABN 33 006 132 332) (AFSL 234528), part of the EQT group of companies.