Business
HomeCo Daily Needs REIT secures $300m IPO – The Australian Financial Review
David Di Pilla’s HomeCo has secured the year’s biggest initial public offering for the second year in a row.
HomeCo Daily Needs REIT set out to raise $300 million at $1.33 a unit, which was priced at a nil discount to net tangible asset backing.
It was pitched to investors with a 5.5 per cent yield, based on FY21 annualised distribution, and about a 10 per cent total return story underpinned by contracted rental growth increases.
The new REIT would own a 17 properties valued at $844 million and with 98 per cent occupancy and an 8.4 year weighted average lease expiry, according to the IPO presentation…
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