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HomeCo holds its maiden Annual General Meeting

November 2020
HomeCo holds its maiden Annual General Meeting

Home Consortium held its maiden Annual General Meeting on Monday, 18 November. In a year affected by COVID-19, we

– Beat our prospectus forecast by 13%;
– Paid 12cps fully franked dividends; and
– Increased property valuations by 5.2%.

We also announced the next evolution of HomeCo’s Own, Develop and Manage strategy.
We received overwhelming shareholder support for the creation of the HomeCo Daily Needs REIT (HDN). HDN will list and commence trading on the ASX on 23 November 2020. HDN aims to deliver diversification across sectors, tenants and geographies with exposure to assets which in November 2020 are on track for 98% – 99% cash collection. HDN is targeting to deliver a 5.5% distribution yield in FY21 and with an issue price of $1.33 (reflecting its NTA).
In addition to HDN, our Health & Wellness fund planning is well advanced. With over $250m of Health & Wellness focussed assets on our balance sheet already and a significant pipeline of development opportunities, we are well placed to introduce external capital to the Health & Wellness fund in FY21. Our new capital partnerships team to be led by Heechung Sung will build on our capability to execute on our strategy.

To further details, please refer to our AGM presentation here.