HMC Capital will acquire commercial real estate fund manager Payton Capital, as part of its strategy to establish a A$5 billion ($3.3 billion) private credit platform.
HMC agreed to purchase Payton for A$127.5 million ($84.4 million).
“Following over 12 months of due diligence and planning, we are excited to announce the establishment of our private credit platform,” said David Di Pilla, HMC managing director and CEO. “We see the growth opportunity in this sector as too big to ignore with private credit asset managers playing an increasingly larger role in Australia’s A$1.2 trillion [$795 billion] credit market.
“The acquisition of Payton provides HMC with an attractive entry into the private credit sector via a highly profitable and scalable platform. This will enable HMC to take advantage of attractive industry fundamentals and investor appetite for commercial real estate private credit. Non-bank commercial real estate is experiencing strong growth
