Oct 16 (Reuters) - Home Consortium Ltd HMC.AX :
* LODGED A PRODUCT DISCLOSURE STATEMENT FOR PROPOSED ESTABLISHMENT OF HOMECO DAILY NEEDS REIT
* HOMECO DAILY NEEDS REIT $300 MILLION IPO UNDERWRITTEN
* PROPOSED HOMECO DAILY NEEDS REIT WILL BE ESTABLISHED VIA A CAPITAL REDUCTION OF HMC
* PROPOSES DISTRIBUTION IN SPECIE OF ORDINARY UNITS IN REIT TO HMC SECURITYHOLDERS