BANGKOK: In partnership with KBank Private Banking (KBank) and UOB Asset Management Thailand (UOBAM), HOMA has announced the successful closing of United Private Equity Fund 1 (not for retail investors), raising B1.2 billion (US$34.2 million).
The mutual fund was marketed to institutional and high net worth investors in Thailand. The proceeds from this capital raising will support HOMA’s commitment to introducing more affordable rental housing projects in Thailand while generating attractive returns to its investors, reports state news agency NNT.
HOMA is backed by Asia Capital Real Estate (ACRE), a global real estate private equity firm, and NOON Capital, a Thai residential developer.
Founder and Managing Director Blake Olafson said, “HOMA is dedicated to establishing vibrant co-living communities that offer comprehensive amenities such as fitness centers, lifestyle conveniences, and co-working spaces. HOMA primarily targets young professionals, digital nomads, and families with young children, fostering dynamic living environments that encourage interactions among residents. With flexible lease periods ranging from one day to one year, HOMA caters to diverse needs.
“Sustainability is a key focus, as all HOMA projects are LEED and/or EDGE certified, which has received positive responses from global institutional investors. Additionally, all HOMA projects have secured approval from the Board of Investment (“BOI”) in Thailand, which allows for 100% foreign-owned freehold land ownership and other various incentives, thereby expanding the potential investor base.”
Dr Treepol Pumvusana, Senior Managing Director of Private Banking Business at KBank, highlighted investors’ demand for alternative investment avenues that yield consistent returns amidst economic uncertainties. “KBank actively seeks products that offer unique returns and advocates for diversification into private assets to mitigate market fluctuations, such as private real estate investments. HOMA, which prioritises “co-living and shared activities” to cater to the lifestyle preferences of the new generation, was identified by KBank as an alternative investment approach that could offer more reliable returns, thus attracting high-net-worth individuals to invest in the platform through the fund. Remarkably, within a mere week of its launch, the fund successfully raised a substantial sum of 1.2 billion Thai baht.”
The successful fundraise marks a milestone in HOMA’s expansion and provides further validation of the platform’s long-term growth strategy. With the secured funds, HOMA is well positioned to expand on its pipeline, which includes projects in Phuket, Bangkok and the Northern Thailand region.
HOMA currently has two operational projects – HOMA Phuket Town and HOMA Si Racha, in Phuket and Chonburi respectively – and two additional projects under development – HOMA Cherngtalay and HOMA Chalong Bay (under contract) – both in Phuket.
HOMA Cherngtalay, a 423-unit residential complex located within the Cherng Talay-Bang Tao area on Phuket’s west coast, is scheduled to open by the end of 2023, while HOMA Chalong Bay is expected to open in early-2025.
Founded in 2011, Asia Capital Real Estate (ACRE) is a global real estate private equity firm managing capital for institutional and family office investors through a series of private equity and debt funds and currently has more than US$3.8 billion in assets under management.
Since its inception, ACRE’s acquisition, development, and lending efforts have spanned more than 25,000 units across 75 properties in 31 cities. ACRE’s strategies focus on direct real estate equity and credit investments and are concentrated in high growth markets in the United States, with additional properties currently in development in Southeast Asia and the United Kingdom. ACRE manages a global multifamily housing portfolio with offices in New York, Miami, Atlanta and Singapore.
HOMA describes itself as a leader in the provision of full-service, co-living apartments that offer affordable, design-led rental accommodation. Helping residents to “Live A Better Life”, HOMA’s projects are modern, sustainable, and community-focused with short- or long-term fully-furnished rental options.
Every HOMA property is developed with high-quality facilities and professional hospitality services, including a “HOMA Host”, laundry, housekeeping and 24-hour reception. In Thailand, HOMA currently has four projects with a robust development pipeline, and plans to expand into other markets across Asia Pacific in the coming years.
