In a transformative year, the investment platform lifted assets under management to $5.8 billion, putting it six to 12 months ahead of its “$10 billion by 2024” target.
the fund manager, which rebranded from Home Consortium to HMC Capital in March, delivered funds from operations of $91 million for fiscal 2022, up 143 per cent on the previous financial year.Driving this result, and highlighting how the business has transformed from a retail landlord to an alternative assets fund manager, was fund management revenue, which surged almost 500 per cent to $64.1 million.A number of one-off items also boosted the bottom line, including a $22.
Having grown assets under management by 321 per cent to $5.8 billion in the year to June 30, Mr Di Pilla said the business was tracking six to 12 months ahead of its previously stated target of $10 billion by the end of 2024. The fund will target large retail centres that can be repositioned through such things as transforming vacant department store space into last-mile delivery hubs.
In another funds initiative, HMC Capital is seeking $400 million capital partners for the second and third stages of its $500 million Camden hospital and healthcare precinct in Sydney.
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