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- Home Consortium (HMC) and PDG Corporation enter strategic alliance to develop large-scale health and wellness precincts
- This news follows the launch of soon to be ASX-listed HealthCo enjoying an IPO roadshow that saw the IPO upsized to $650 million from $600 million
- HomeCo’s managing director and CEO David Di Pilla says the partnership will expand HomeCo’s pipeline of new opportunities
- Shares in HomeCo are trading in the grey at $5.80 at 2:18 pm AEST
Home Consortium (HMC) and PDG Corporation have signed a memorandum of understanding to partner on the development of healthcare and wellness precincts, starting in Victoria and then moving into other Australian regions.
This news follows HomeCo’s previous announcement on August 2, 2021, on the launch of ASX-listed HealthCo Healthcare and Wellness REIT (HCW), following a successful IPO roadshow in which the IPO was upsized to $650 million from $600 million.
HealthCo will be Australia’s only ASX-listed diversified healthcare REIT, with a $400 million fully undrawn committed loan facility providing considerable immediate financial capacity.
The strategic partnership between HealthCo and PDG intends to capitalise on HealthCo’s focus on healthcare sub-sectors such as childcare, aged care, primary medical, hospitals and life sciences.
For HealthCo, L.E.K. Consulting performed research of the Australian health care property industry earlier this year. The analysis found that asset development across the five health and wellness sectors that make up the diversified HealthCo model portfolio will require at least $87 billion in fresh investment.
There are 72 planned or developing Health Research and Innovation precincts around Australia, with 20 in Victoria.
The collaboration with HomeCo, according to PDG Corporation’s managing director and Founder Vince Giuliano, is another milestone for PDG as the company continues to grow.
“PDG’s growing portfolio of achievements across the healthcare and life sciences sector, which includes projects such as global biotech CSL’s future integrated laboratory and headquarters at Melbourne’s foremost biomedical precinct in Parkville and the Queen Victoria Market development (in partnership with the City of Melbourne), position us well to complement HealthCo’s mandate,” he said.
HomeCo’s managing director and CEO David Di Pilla said the partnership will expand HomeCo’s pipeline of new opportunities.
“The establishment of a formal MoU between the parties was a natural extension of a number of joint projects we are exploring and we are well advanced on several opportunities,” he said.
“We believe the combination of PDG’s integrated delivery capability and HomeCo’s expertise in ownership, development and strategic investment will be a compelling proposition.
“We anticipate being able to jointly develop world class precincts that we hope will become a part of Victoria and Australia’s healthcare landscape for the future.”
Shares in HomeCo were trading in the grey at $5.80 at 2:18 pm AEST.
