Australia's HomeCo Daily Needs REIT rises on property acquisition

HomeCo Daily Needs REIT

08/12/2022 01:14

** HomeCo Daily Needs REIT  HDN.AX  rises as much as 1.9% to
A$1.325, highest since Aug. 18
    ** Co announces acquisition of Southlands Boulevarde, a 
triple supermarket anchored daily needs centre in Perth, for
A$92.5 mln ($62.08 mln) 
    ** Says acquisition is immediately FFO (funds from
operations)-accretive and increases exposure to neighbourhood
and health & services tenants
    ** Co invests A$50 mln in a Last Mile Logistics fund, a new
unlisted institutional fund 
    ** HDN reaffirms FY23 FFO per unit and DPU (distribution per
unit) guidance 
    ** Says it is exploring potential large format retail
divestment opportunities to neutralise the impact of Southlands
acquisition and LML Fund investment
    ** As of last close, stock down 18.5% this year
($1 = 1.4901 Australian dollars)
 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))