MA Financial (ASX:MAF) Announces $678.7M Hyperdome Acquisition in Retail Real Estate Expansion

In a recent investor update, MA Financial (ASX:MAF) has confirmed the MA Financial Hyperdome acquisition for $678.7 million, a central part of its retail real estate expansion. Concurrently, the group successfully closed an oversubscribed $230 million MA Credit Portfolio Notes raising, further strengthening its capital base.

The dual transactions demonstrate a rapid scaling of the group’s retail real estate platform following the IP Generation acquisition in September 2025. Combined retail property deals now total $1.2 billion in just three months, highlighting the company’s aggressive expansion in the retail property sector.

Following settlement of both the Hyperdome purchase and the recently announced Top Ryde City acquisition, MA Financial is projected to reach proforma assets under management (AUM) of $14.7 billion. This represents approximately 10% growth from transactions executed in Q4 2025 alone, marking a significant milestone for the alternative asset manager.

According to the ASX announcement, the Hyperdome acquisition saw $405 million in equity raised through non-institutional investor channels. Furthermore, the MA Credit Portfolio Notes experienced sufficient demand to require the scaling back of investor bids. Combined, the group has raised $800 million via listed investment structures in FY25, establishing a new permanent capital channel alongside traditional fund structures.

Focus on Large-Scale Town Centre Retail Assets

MA Financial is pursuing a “town centre” retail approach focused on large-scale landholdings in high-growth urban corridors. The MA Financial Hyperdome acquisition represents one of Queensland’s largest retail landholdings at 44 hectares, comprising multiple properties across a substantial site.

The acquisition targets dominant community retail assets delivering stable income and future development optionality. Located approximately 25 kilometres south of the Brisbane CBD, Hyperdome sits within a major South-East Queensland growth corridor experiencing population expansion and economic development.

The total site encompasses several key components. These include the Hyperdome Shopping Centre, Hyperdome Home Centre, multiple peripheral properties, and approximately 9 hectares of surplus development land. This land bank provides significant future value creation opportunities beyond the current retail operations.

Hyperdome Asset Characteristics

The Centre currently achieves 98% occupancy and is delivering record trading performance. This strong operational performance is anchored by substantial non-discretionary retail tenants, providing income stability and resilience. The acquisition price implies a fully leased yield of approximately 7.25% on the shopping centre component.

MA Financial’s approach leverages its fully integrated platform spanning investment origination, capital raising through non-institutional channels, and in-house property and development management. The group will assume direct responsibility for Hyperdome’s property management and development management, capturing operational margins whilst implementing value-add initiatives.

How Does MA Financial’s Integrated Platform Drive Value Creation?

The approach differentiates from traditional REIT models through single-asset fund structures targeting higher return profiles distributed via non-institutional channels. Since acquiring IP Generation in September 2025, MA Financial has executed $1.2 billion in retail real estate transactions, demonstrating immediate integration of the expanded distribution network.

Chris Lock, Head of Core Real Estate at MA Financial, commented on the acquisition’s importance. “We are very excited to secure Hyperdome Town Centre, which is one of Queensland’s largest and most important retail landholdings and the focal point of its local community,” he stated.

He further emphasised the platform capabilities, noting: “This exceptionally rare acquisition builds on our recently announced acquisition of Top Ryde City Shopping Centre, alongside Keppel REIT, and underlines the strength of MA Financial’s fully integrated real estate platform across investment, distribution and operating capabilities.”

This integrated platform enables MA Financial to capture value across multiple dimensions. Investment origination capabilities allow the group to source large-scale opportunities. Distribution strength through non-institutional channels enables rapid equity raising without reliance on traditional institutional capital. In-house operating expertise generates additional fee streams whilst enabling active asset management.

What Impact Will the Hyperdome Acquisition Have on MA Financial’s AUM?

The MA Financial Hyperdome acquisition adds $679 million to the group’s assets under management, forming part of $1.4 billion in new commitments settling in Q4 2025. Combined with Top Ryde City ($525 million AUM) and MA Credit Portfolio Notes ($230 million), proforma AUM will reach $14.7 billion following settlement of all three transactions.

This represents approximately 10.5% AUM growth from 30 September 2025’s reported $13.3 billion. The increase splits between $1.2 billion in retail real estate and $230 million in listed private credit, demonstrating growth across multiple platforms simultaneously.

AUM Build to Proforma $14.7 Billion

The AUM trajectory shows accelerating growth following IP Generation integration. All three transactions were contracted and funded within three months of the September 2025 acquisition, demonstrating the platform’s execution velocity and distribution power.

Settlement timing across Q4 2025 means the full proforma AUM will be reflected in Q2 FY25 results expected in February 2026. The growth demonstrates diversification across multiple platforms, with non-institutional distribution channels proving capable of raising $405 million in equity for the MA Financial Hyperdome acquisition alone.

Higher AUM directly drives management fee revenue across the platform. Additionally, real estate transactions generate property management and development management fees, creating multiple revenue streams from individual assets.

What Return Profile Does the Hyperdome Fund Target for Investors?

The Hyperdome fund targets a 9% average distribution yield and 16-18% total return per annum over a forecast 5-year term. The return profile exceeds many traditional listed REIT yields, positioning closer to private equity real estate return expectations.

The fund structure raised $405 million in equity from non-institutional investors, with debt funding completing the $678.7 million acquisition price. Returns are expected to derive from multiple sources including rental income, asset management initiatives, and development optionality on the surplus land.

The target returns are supported by Hyperdome’s current operating performance. Its 98% occupancy, record trading levels, and a substantial non-discretionary tenant mix provide a stable income base.

Hyperdome Fund Structure and Targets

The return targets reflect the integrated platform advantages MA Financial brings to the asset. Direct property management and development management capabilities enable value-add initiatives, including optimisation of existing tenancy mixes and implementing development plans for surplus land.

All three transactions remain subject to settlement, anticipated to occur in Q4 2025. The Hyperdome acquisition is scheduled to settle in December 2025, with MA Credit Portfolio Notes expected to commence ASX trading on 16 December 2025 under the ticker code MA2HA. This series of transactions positions MA Financial for considerable AUM growth heading into the new financial year.

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