Home Consortium (“HomeCo”)  has lodged a prospectus with the Australian Securities and Investments Commission. The prospectus relates to an initial public offering of 97.0 million securities in HomeCo at the offer price of $3.35 per security, raising proceeds of $325 million and is set to go public on the 14 October. The funds raised from the offer will allow HomeCo to execute its strategy of unlocking value and growth through owning, developing and managing hyper-convenience retail and services assets.

HomeCo, an internally managed Australian property group, was established three years ago after the acquisition of the ex-Masters portfolio and is focused on ownership, development and management. Shopping Centre News featured HomeCo’s journey in a recent cover story citing “it’s a portfolio with enormous potential”.

David Di Pilla and Zac Fried officially open the new HomeCo Braybrook. 
Photo: Scott McNaughton

The original investors were David Di Pilla, a former UBS Managing Director; a leading figure in the investment banking industry for more than 20 years and prominent retailers Zac Fried and Morry Fraid, owners of Spotlight Group and Mario Verrocchi and Sam Gance from Chemist Warehouse. Together the investors have continued to unlock the portfolio’s potential through leasing, management and development. 

HomeCo is built on a platform of big brands and hyper-convenience, with each centre anchored by leading brands including predominantly national retailers spanning daily needs, leisure & lifestyle and services enterprises. By the end of 2019, HomeCo’s portfolio will consist of 21 completed centres and nine centres under development across four states (VIC, QLD, NSW and WA).

Commenting on the lodgement, HomeCo Executive Chairman and Chief Executive Officer David Di Pilla said, “When we began this journey more than three years ago HomeCo was comprised of a small group of investors who aimed to create an innovative retail property offering that resonated with tenants and customers. As we now lodge this prospectus we are inviting other investors to join us on this next exciting phase as we grow and realise the full potential of our unique portfolio of hyper-convenience based
centres across Australia”.

A prospectus for an offer of fully paid ordinary shares in each of Home Consortium Limited and Home Consortium Developments Limited was issued on 23 September nd initial demand has been strong. The company has announced leading Australian retail and property investor Marc Besen AC has, following due diligence, decided to make a cornerstone commitment in the upcoming HomeCo IPO. Marc Besen is best known as a major player in the Australian fashion industry, together with owning Highpoint Shopping Centre in Maribyrnong Victoria, one of the largest super regional shopping centres in Australia.

“It is a privilege and an honour to have someone of Mr Besen’s knowledge and experience in the retail and property sector make a commitment in HomeCo. The management team and directors will work hard to deliver on our plans and validate Mr Besen’s faith in the company.” said Di Pilla.

Besen said, “I am extremely excited to become an investor in HomeCo. I believe the model being pursued will be highly successful in the current retail and property environment with good capacity for future growth. I have great confidence in David Di Pilla, and his management team to execute on their ultra-convenience-based strategy.”

In preparation for the upcoming IPO, the company has appointed of Jane McAloon, Chris Saxon and Brendon Gale to the boards of Home Consortium Limited and Home Consortium Developments Limited as independent non-executive directors. They are all highly experienced leaders from their respective fields with a broad range of skills who will bring their own unique insights to HomeCo.

“We are excited to welcome Jane, Chris and Brendon as independent directors to our board. Each of them have significant first-class experience which will be invaluable to the company not only as we prepare for our IPO but also as we pursue our strategy of building a platform for the future” said Di Pilla.

The company recently appointed ex-SCA Property COO Sid Sharma to a new position of COO at HomeCo adding to its management capability.