HomeCo has finalised its underwriting arrangements for the proposed HealthCo Healthcare and Wellness REIT and has now lodged a product disclosure statement with the Australian Securities and Investments Commission in anticipation of listing in September.
Following the strong level of investor interest the raising was upsized by $50 million to $650 million which has further strengthened HealthCo Healthcare and Wellness REIT’s balance sheet. HealthCo Healthcare and Wellness REIT will have a net cash position and over $300 million of capacity for accretive acquisitions and developments post listing.
The Underwriting Agreement was entered into following the receipt of commitments from Home Consortium and a range of domestic and global institutional investors and broker firm commitments from a syndicate of Joint Lead Managers and Retail Co-Managers to the Initial Public Offering.
Home Consortium Managing Director and CEO, David Di Pilla, commented: “We are delighted with the strong level of investor support for HealthCo Healthcare and Wellness REIT with the raising strongly oversubscribed.
The proposed ASX listing of HealthCo Healthcare and Wellness REIT in early September marks another significant milestone for our organisation and builds on the success of HomeCo and HomeCo Daily Needs REIT which have both outperformed the S&P/ASX 300 A-REIT index since listing. HomeCo is now well positioned to accelerate its growth and scale its capital light funds management model.”
The Chair of HealthCo Healthcare and Wellness REIT, Joseph Carrozzi AM commented: “On behalf of my fellow directors we are pleased to be joining the Board and are extremely enthusiastic around the future prospects for the HealthCo Healthcare and Wellness REIT. The HealthCo Healthcare and Wellness REIT is uniquely positioned to provide exposure to a diversified portfolio of assets underpinned by attractive healthcare sector megatrends. We will aim to deliver stable and growing distributions, long-term capital growth and positive environmental and social impact.”