An initial public offering of private equity group Home Consortium's approximately A$1 billion retail center portfolio looks to be in the works in Australia, according to The Australian Financial Review.
The portfolio comprises properties that will have been regenerated and reopened by the end of 2018. According to Home Consortium's website, the entire portfolio is expected to be open by early 2019.
The 40-property portfolio will span 485,000 square metres of retail space atop land parcels totaling more than 1.5 million square meters. The portfolio's sizable land bank is attractive to institutional investors, making an IPO or another form of capital partnership expected, the publication reported, citing senior sources.
The portfolio was formed with the acquisition of Hydrox Holdings Ptd Ltd., the former holding entity of Masters, in a A$725 million deal.
Roughly two-thirds of the total portfolio space will comprise assets within the daily needs and leisure retail sectors, marking a shift and diversification from its usual home maker style centers, the Aug. 9 report added.