ASX-listed REIT upsizes debt facilities to $500m with Hogan Lovells' help

The firm also assisted the trust in its financing of a $56m property acquisition

ASX-listed REIT upsizes debt facilities to $500m with Hogan Lovells' help

Hogan Lovells has assisted ASX-listed HomeCo Daily Needs real estate investment trust (REIT) on the upsizing of its syndicated debt facility to $500m.

The trust, which the firm said focuses on investing in “predominately metro-located, convenience based assets across target sub-sectors of neighbourhood retail, large format retail and health and services,” was launched by HomeCo last November. The debt facility is connected to HomeCo Daily Needs REIT’s listing on the ASX following its establishment.

The firm had previously advised HomeCo Daily Needs REIT on its initial syndicated financing.

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Hogan Lovells Sydney finance partner Bryan Paisley took the helm on the firm’s team. He said that the upsizing is an indicator of “the strong support in the credit market for high quality real estate opportunities of this nature.” The firm also advised HomeCo Daily Needs REIT as the trust financed its acquisition of the Bunnings Seven Hills property for $56m.

The move, Hogan Lovells said, “continues HomeCo's expansion into high growth metropolitan geographies like the Western Sydney growth corridor.”

“Assisting on the next stage of expansion of the REIT's portfolio provided a terrific next step in our relationship with HomeCo,” Paisley said.

Paisley was supported by senior associate Lisa Mazor and associate Zac Forrai in working on the transaction.

Meanwhile, Ashurst advised the finance parties involved in the deal, with banking and finance partner Jock O’Shea taking point. The firm acted for the mandated lead arrangers and underwriters, lenders, the facility agent and security trustee.

In 2019, Ashurst also assisted UBS and Macquarie in their roles as joint lead managers and underwriters of REIT company GPT Group’s $800m institutional placement.

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