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Four industry super funds acquire Home Hub Hills
LaSalle Investment Management (LaSalle) has announced that one of its managed trusts has acquired Home Hub Hills for $178.5 million.
According to LaSalle, four industry super funds - AustSafe Super, Club Plus Super, Energy Super and Intrust Super - provided the equity capital for the acquisition via the LaSalle Australia Club Investments Trust.
Steve Leigh, head of Australia at LaSalle, said the real estate investment manager had been seeking a larger asset in the range of $100 million to $250 million that would "provide investors with a relatively high and reliable income yield and potential for medium-term growth".
He said the investment case for Home Hub Hills was strong.
LaSalle stated that it would be retained as a fund manager and that its "club style trust" will give investors greater control, flexibility and lower fees than typical unlisted trusts.
"The sale represents Australia's largest homemaker centre transaction and is the largest raising of capital for real estate from the institutional market place for some time," Leigh said.
Home Hub Hills is based in Castle Hill - Sydney's north western trading zone - and is one of the country's largest home centres, according to LaSalle.
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