HomeCo buys Woolies centres, aged care property


The real estate trust sector’s new kid on the block, HomeCo, will pivot into aged care as it embarks on a $186 million deal making spree that includes buying three neighbourhood centres from supermarket giant Woolworths.

HomeCo is diversifying its property assets.

HomeCo is diversifying its property assets.

HomeCo, whose hyper-convenience focused, large-format property model grew out of Woolworths’ failed Masters hardware sites, is undertaking a $140 million capital raising and $30 million security purchase plan to fund the acquisitions, The Age and Sydney Morning Herald understands.

The company, run by former investment banker David Di Pilla, is in a trading halt until Friday as it works through details of the funding arrangements.

Woolies has agreed to sell three neighbourhood centres anchored by its supermarkets to HomeCo for $127.8 million.