The HomeCo Daily Needs REIT, which seeks to raise up to $300 million in funding, has announced that Equity Trustees has been appointed as custodian of one of its latest real estate investment trusts (REIT).
The $850 million REIT, which holds convenience-based assets in areas with access to densely populated trade areas, purchased seed assets this year which included retail centres previously owned by Woolworths in Sydney’s south west and near Penrith for $150 million.
Sten Silavecky, senior manager of structured finance and property at Equity Trustees, said: “Equity Trustees is delighted to have been appointed as custodian for the HomeCo Daily Needs REIT, which cements our position as a major player in the property market and builds on our experience in the sector.
“In recent years we have seen increased demand for a range of property trust structures and in response Equity Trustees has built both its scale and expertise to assist some of the largest and most complex property trusts in the market.”
Equity Trustees currently serves as a responsible entity (RE), trustee, bespoke custodian and escrow agent for a broad range of property trusts across Australia and New Zealand.