HomeCo announces proposed establishment of the HomeCo Daily Needs REIT
Today Home Consortium announced an update on the proposed establishment of the HomeCo Daily Needs REIT via an in-specie distribution to securityholders, which will comprise a portfolio of stabilised, convenience-based assets targeting consistent growing distributions.
HomeCo is targeting an ASX listing of the HomeCo Daily Needs REIT in late November 2020, following a securityholder vote to be held at the AGM on 18 November 2020. A notice of meeting and explanatory memorandum are expected to be distributed to HomeCo securityholders in mid-October 2020.
HomeCo is also pleased to announce the proposed appointment of Mr Simon Shakesheff as Independent NonExecutive Chairman and Mr Simon Tuxen as Independent Non-Executive Director to the HomeCo Daily Needs REIT responsible entity. HomeCo intends to appoint a third independent director and its search for the appropriate candidate is well progressed. HomeCo has appointed Goldman Sachs Australia Pty Ltd and Macquarie Capital (Australia) Limited as financial advisors and Joint Lead Managers on the transaction. Morgans Financial Limited and Ord Minnett Limited have also been appointed as Joint Lead Managers.