HomeCo enters a binding contract to acquire Glenmore Park Town Centre
In anticipation of the establishment of the HomeCo Daily Needs REIT, HomeCo has entered into a binding contract to acquire Glenmore Park Town Centre and agreed terms to a contract to acquire a second Sydney metropolitan neighbourhood centre for total consideration of approximately $220 million. Glenmore Park Town Centre is a Woolworths, Coles and ALDI anchored centre with over 40% of gross income derived from supermarkets and over 30% derived from healthcare and wellness services. HomeCo Executive Chairman & CEO David Di Pilla commented, “The proposed HomeCo Daily Needs REIT is consistent with HomeCo’s stated own, develop and manage strategy and establishes the platform for HomeCo to unlock additional value and growth through further capital recycling and ongoing management fee streams from assets under management. The property acquisitions announced today provide the HomeCo Daily Needs REIT with additional exposure to key growth corridors within the Western Sydney metropolitan area and will be important seed assets for the Daily Needs REIT.” Please refer to the HomeCo Daily Needs REIT investor presentation for additional details.