PDG Corporation and Home Consortium (“HomeCo”) jointly announce that they have entered into a Memorandum of Understanding to collaborate on developing strategic healthcare and wellness precincts initially focused on Victorian opportunities and over time expanding into other Australian markets.
HomeCo is an ASX listed fund manager which invests in high conviction and scalable real asset strategies. Following a successful IPO roadshow which resulted in the IPO being upsized to $650 million (from $600 million), HomeCo established the ASX-listed HealthCo Healthcare and Wellness REIT (“HealthCo”). HealthCo will be Australia’s only ASX-listed diversified healthcare REIT and will have significant immediate financial capacity via a $400 million fully undrawn committed debt facility.
The strategic alliance between HealthCo and PDG, aims to tap into the opportunity rich healthcare sub-sectors being targeted by HealthCo across childcare, aged care, primary medical, hospitals and life sciences. It brings together the complementary skills and capability of two vibrant and innovative teams.
PDG Corporation’s Managing Director and Founder Vince Giuliano says that the relationship with HomeCo is another milestone for PDG as the company continues to leverage its end-to-end capability across all aspects of property in Victoria and beyond.
“Building on our 36-year track record of exceeding the expectations of our development partners and property clients, we are excited to be working with HomeCo towards establishing a new pipeline of opportunities in the urban, health and wellness space for HealthCo. 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”.
HomeCo’s Managing Director and CEO David Di Pilla said, “HomeCo looks forward to the collaboration with PDG which enhances 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”.
“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”.