Australian asset manager HMC Capital has secured capital from investors, including a global multi-manager and a global pension fund, to launch three unlisted retail trusts, aiming to assemble a combined portfolio of more than A$2.5bn (€1.5bn) over the next 12 to 24 months.
Speaking at the firm’s earnings call, David Di Pilla, HMC Capital’s CEO, said the firm was seeing momentum pick up in its real estate division and it was on-track to establish three new unlisted institutional funds enabling it to deploy capital into new retail strategies.
Di Pilla said HMC Capital Unlisted Greenfield Fund (HUG) was established this month with equity commitments representing 40% of the billion-dollar fund secured from a cornerstone investor.
He said four assets had been identified to seed the fund. HUG would seek out opportunities to develop neighbourhood shopping centres in high-growth corridors.
He said the investor was expected to allocate the balance of equity commitment in the second half of the 2025 financial year. As well, multiple institutional investors were in advanced due diligence to participate in this fund.
The second fund is HMC Capital Australia Retail Partnership and it was set up last month following an initial equity commitment of A$100m from a global multi-manager.
Finally, he said HMC Capital was partnering with a global pension fund in its HMC Capital Unlisted Urban Retail Fund which due is to be launched in the second half of this financial year. This vehicle would have A$1bn to A$1.5bn capacity to invest in large-scale sub-regional and regional shopping centres.
Di Pilla said: “During the half, we announced a marquee acquisition with HMC securing the Neoen Victoria renewable portfolio for A$950m on highly attractive terms. Following this acquisition, we are on track to launch a A$2bn institutional platform with initial fundraising on track for first close in the second half of this financial year.”
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