Home Consortium has acquired the Glenmore Park Town Centre for $150 million in anticipation for the establishment of HomeCo Daily Needs REIT.

The property group has also agreed terms to a contract to acquire a second Sydney metropolitan neighbourhood centre for total consideration of approximately $220 million. 

Situated at 1 Town Terrace, Glenmore Park Town Centre is a Woolworths, Coles and ALDI-anchored centre with over 40 per ceent of gross income derived from supermarkets and over 30 per cent derived from healthcare and wellness services.

At a glance:

• Glenmore Park Town Centre, west of Sydney, has been sold to HomeCo for $150 million.
• The acquisition was made in anticipation of for the establishment of HomeCo Daily Needs REIT.
• The transaction was negotiated by Stonebridge Property Group Partners Phil Gartland, Carl Molony and Jonathan Fox.

HomeCo Executive Chairman and CEO David Di Pilla said the proposed HomeCo Daily Needs REIT was consistent with HomeCo’s develop and manage strategy.

"This establishes a platform for HomeCo to unlock additional value and growth through further capital recycling and ongoing management fee streams from assets under management," he said.

"The property acquisitions announced today provide the HomeCo Daily Needs REIT with additional exposure to key growth corridors within the Western Sydney metropolitan area and will be important seed assets for the Daily Needs REIT.”

The transaction was negotiated by Stonebridge Property Group Partners Phil Gartland, Carl Molony and Jonathan Fox.

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