David Di Pilla’s HMC Capital is understood to have explored an investment in land lease communities business Ingenia, but moved on from the target when it was unable to amass enough shares to hold a meaningful stake.
The fund manager acquired a stake of up to 3 per cent in property developer Lendlease in April, according to reports from The Australian, and also holds more than 19 per cent of pharmacy wholesale and distribution business Sigma Healthcare. Ingenia owns, operates and develops a growing portfolio of lifestyle and holiday communities across key urban and coastal localities.
Joint venture partner Sun Communities is on the register with a 10.25 per cent stake is, according to Bloomberg data.
The group owns 109 communities.
It is understood that the play involved lobbying for a potential spin-off of its holiday parks.
It has 37 holiday parks in prime waterfront locations on major transit routes in NSW, Victoria and Queensland, offering a variety of caravan, camping and cabin accommodation.
HMC Capital was previously known as HomeCo but changed its name to show it operates as much as a capital investor as one that invests in real estate.
HomeCo emerged form the acquisition of the former Masters home improvement chain that was owned by Woolworths.
At that time, the sites were purchased for more than $700m by a consortium that included Mr Di Pilla’s former UBS Australia boss Matthew Grounds, Spotlight Group and Chemist Warehouse.
This year, it purchased a $1.2bn portfolio of Healthscope properties which it backed with one of the largest real estate investment trust raisings since the pandemic.
The group has $7.5bn worth of assets under management.
A year earlier it made a tilt for AMP Capital’s real estate operation.
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