Sydney-based HMC Capital has launched two new real estate funds targetting last-mile logistics and healthcare.
HMC Capital is also completing a A$300m (鈧�208m) first close of its HMC Capital Partners Fund 1 fund and expects to soon embark on a second fundraising round.
HMC Capital鈥檚 managing director, David Di Pilla, said that, over the next six months, the firm was targetting to lift funds raised for the first unlisted fund to A$500m, and then, over time, to A$1.5bn.
The fund will target public and private companies with real asset backing.
Di Pilla said the fund鈥檚 first investment would be a (13.5%) stake in Sigma Healthcare, currently held on HMC Capital鈥檚 balance sheet. Sigma鈥檚 key asset is a large distribution centre.
鈥淲e will transfer Sigma Healthcare to the new fund at cost (A$80m),鈥� he said, adding that the value of the Sigma stake had increased by some 22% to almost A$100m.
The manager is also launching a billion-dollar-plus last-mile logistics value-add fund.
De Pilla told 91传媒在线: 鈥淢ost of the large national retailers are using their store networks to provide direct-to-home Omni channel delivery.
鈥淭oday, the right assets in the retail space can be repurposed for last-mile logistics and infrastructure.
鈥淲e will look for existing retail and services assets which need investment and remixing, then turn them around for last-mile logistics.
鈥淥ur initial target is to raise capital (equity and debt) to acquire A$1bn worth of assets for this close-ended fund.鈥�
Di Pilla also flagged the creation of a new vehicle to bring in a capital partner to co-invest in the second and third phases of its A$500m health and medical research precinct in Camden, in Sydney鈥檚 south.
鈥淲e are 60% through the construction stage of phase one, which will be a 78-bed paediatric hospital,鈥� he said. The hospital is being funded by the group.
鈥淪tages 2 and 3 will be a general hospital and medical research facilities, with an end-value of more than A$400m.
鈥淲e are looking to bring in institutional capital to invest in the asset alongside our listed healthcare REIT.鈥�
HMC Capital, which has A$5.8bn in external assets under management, listed its HomeCo Daily Needs REIT in 2020 and the Healthco Healthcare and Wellness REIT last year.
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