Shaw and Partners is delighted to be appointed as Joint Lead Manager, Joint Underwriter and Bookrunner to the proposed capital raising by Elanor Commercial Property Fund (ASX.ECF).

The company is proposing to raise $84.7 million, by way of a placement and an accelerated pro-rata 1 for 5 non-renounceable entitlement offer. Elanor Commercial Property Fund will be issuing up to approximately 76.9 million new ordinary fully paid units in the fund (securities) at $1.10 per security.

The offer price of $1.10 per security represents a 4.8% discount to last traded price of $1.155.

Funds from the equity raising, alongside incremental debt, will be used to acquire the office building at 50 Cavill Avenue, Surfers Paradise. 50 Cavill Avenue is the pre-eminent office building on the Gold Coast with limited competing supply and strong fundamentals driving favourable tailwinds in south-east Queensland.

Elanor Commercial Property Fund is an externally-managed listed real estate investment fund investing in Australian commercial properties. The fund invests in commercial properties located in major metropolitan areas or established commercial precincts. The company was listed on the ASX in 2019 and currently owns seven office assets with a combined valuation of $384.5 million. The acquisition will increase the portfolio size by 30% to $498 million.

The offer is available to Australian Sophisticated and Professional Investors only.

For more information please contact your Shaw and Partners adviser.