HomeCo has announced the acquisition of the Glenmore Park Town Centre for $150m to help seed its Daily Needs REIT.
Glenmore Park Town Centre is super convenient neighbourhood centre with a Woolworths, Coles and ALDI each supported by a handful of specialty tenants (55 in total) with over 40% of gross income derived from supermarkets and over 30% derived from healthcare and wellness services.
The Centre sits on a 4.5ha site at 1 Town Terrae, Glenmore Park. The Centre is divided into two buildings and supported by 650 car spaces.
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.”
The property was acquired from Village Fair Shopping Centres who also own The Gap Village, Beerwah Marketplace and Beerwah Village
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