David Di Pilla’ will be out to prove the naysayers wrong (again) with twin raisings.
David Di Pilla’s HMC Capital is breaking all the rules in Australian REITs, chasing assets and using equity markets to fund deals even while trading at a hefty discount to net tangible asset backing.
HealthCo would own four of the 11 properties worth $730 million, while the remaining seven would be spun into an unlisted fund to be run by HMC Capital.At HealthCo, the raising’s expected to be at about $1.35 a share, while the REIT’s proforma NTA would be about $1.73 a share. That’s the sort of deal you don’t see every day, and one of the reasons why there’s been a REIT deal-drought in the past 12 months.
The ace up its sleeve is understood to be a new “strategic partnership” with Brookfield, which owns Healthscope, that should present future healthcare development opportunities. Either way, JPMorgan and Macquarie Capital underwrote the twin raisings on Wednesday, guaranteeing HMC and HealthCo its funding. Their desks will be seeking buyers on Thursday morning.
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