International law firm, Hogan Lovells, has advised ASX 300 listed fund manager Home Consortium (ASX:HMC) and its managed funds, HomeCo Daily Needs REIT (ASX:HDN) and HealthCo Healthcare and Wellness REIT (ASX:HCW), on a total of A$1.575bn of debt financing over recent months.
HealthCo listed on the ASX in early September with access to a new A$400m syndicated debt facility provided by leading Australian banks. Meanwhile in late July Home Consortium upsized to a new A$375m senior secured revolving facility and Daily Needs REIT upsized its existing senior secured debt facilities to A$800m. Hogan Lovells also assisted on the interest rate hedging of 50% of Daily Needs REIT’s A$550m term debt.
HealthCo is the only ASX-listed diversified healthcare REIT with investments across government, life sciences and research, private hospitals, aged care, childcare and primary health and wellness. In addition to assisting HealthCo on the debt financing, corporate partner David Holland and senior associate George Hanna, advised HealthCo on the establishment of a joint venture with operator Acurio Health Group to acquire and develop a 5 hectare integrated private hospital anchored health precinct in Camden, NSW.
The Hogan Lovells Australian finance team was led by partner Bryan Paisley with support from senior associate Lisa Mazor and associates Adam Aarons and Josh Yan.
Commenting on the deal, Bryan Paisley noted: “The support shown by major lenders for Home Consortium is testament to the quality both of the asset management business and the underlying property assets. The HomeCo management team have a demonstrable track record in generating results for investors and we are delighted to have continued to support them on these financings”.
Jock O’Shea and a team from Ashurst acted on behalf of the finance parties.
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