HMC sells five more LFR investments
EXCLUSIVE
HMC Capital has sold five more large format retail investments held by its Daily Needs REIT (HDN) – pocketing c$179 million (bringing to $420m the value of these assets divested by the trust for the 2024 financial year).
In the biggest deal, HomeCo Wendouree, in Ballarat, is trading for $54m.
It was one of two Victorian assets it just reporting as transacting. The other, HomeCo South Morang, in Melbourne’s north east, is selling for $39m.
This property previously traded in April, 2021, for $33.2m.
In January, 2020, just prior to the COVID lockdown, the 3.6 hectare mall at 825 Plenty Road fetched $32.6m.
New South Wales deals
Meanwhile in New South Wales, HomeCo Highlands at Mittagong (pictured, top) – the only LFR asset in the Southern Highlands – collected $46.2m.
Settling in May to FTD Holdings, it spreads 3.1ha with 150 metres of Old Hume Highway frontage.
HomeCo Lismore, in South Lismore, has also found a new buyer, for $15m. This asset previously exchanged for $17.2m in September, 2021.
In a fifth deal, HomeCo Coffs Harbour is speculated to be trading for c$25m.
On 2.43 hectares on the Pacific Highway, this property last sold three years ago from the parent too – for $22.4m (story continues below).
FY24 LFR deals total $420m
In HDN reporting, HMC said it disposed of nine LFR investments in FY24, collecting a total $420m.
The other deals – already covered by us – include HomeCo Midland in Perth, formerly known as the Midland Super Centre, which fetched $74.75m from Banjo Bond’s Cosgrove Group.
HomeCo Parafield meanwhile in Adelaide traded for $28.5m in June.
That buyer was Accord Property which we also reported this month banked a major premium from a Melbourne childcare centre.
The remaining HMC assets sold this financial year are in Melbourne: HomeCo Epping and a neighbouring block which settled to Forza Capital and Jayland, and HomeCo Box Hill, in the east, which found favour with an offshore investor.
HMC also bought daily needs related assets in FY24 – spending c$293m.
Also today we are reporting the manager, for a different fund, is purchasing Melbourne’s Brandon Park Shopping Centre for $107.5m.
That seller, Newmark Capital, paid a Vicinity Centres and Telstra Super trust $135m in 2018.
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