The HMC Capital Managing Director has sold down their stake and used the proceeds in part to raise $150 million to the balance sheet as they prepare to buy Brookfield Asset Management’s Healthscope, the second largest operator of private hospitals in Australia.
HMC Capital ceased to be a substantial holder of shares in Ingenia Communities on 1 April after beginning the sell off on 13 February. It was only in December last year when Victoria Hardie, Head of Private Equity at HMC Capital, outlined the Fund's compelling case for its investment in the leading operator, owner, and developer of land lease communities and holiday accommodation.
“Ingenia Communities is strategically positioned to capitalize on the growing seniors' market in Australia. After facing challenges in early 2023 due to construction delays, a softening residential market, and rising interest rates, the company is undertaking a reset under a refreshed Board and management team, with the support of major shareholder HMC Capital Partners Fund 1. From its share price low in March 2023, Ingenia's stock has significantly outperformed the broader market, delivering a Total Shareholder Return of 54%, and the future looks even brighter,” said Victoria.
Healthscope has been owned by Brookfield since 2019, but now has $1.6 billion in debts and is for sale at the right price. David Di Pilla said his offer was a “serious one” and he intended to keep Healthscope as an ongoing concern.
HMC Capital still holds a 2.69% stake in land lease operator Lifestyle Communities, bought in November last year, through its unlisted HMC Capital Partners Fund I.
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