Shaw and Partners appointed as Joint Lead Manager to the capital raising by Elanor Investors Group Commercial Property Fund News27 Apr 2022

Shaw and Partners is delighted to be appointed as Joint Lead Manager to the proposed capital raising by Elanor Investors Group Commercial Property Fund (ASX.ECF)
 
The Company is proposing to raise A$36.6 million, by way of an accelerated pro-rata 1 for 8 non-renounceable entitlement offer.

 

ECF will be issuing up to approximately 35.2 million new securities in the fund at an Offer Price of A$1.04 per security.

 

New securities issued under the Offer will rank pari passu with existing ECF securities from the date of issue and are eligible for the June 2022 quarterly distribution.
 
The Offer Price of A$1.04 per security represents a 12.3% discount to ECF’s net tangible assets of A$1.19 per security and a 5.0% discount to the last close price of A$1.095.
 
Funds from the equity raising will be used to acquire a 49.9% stake in a Trust that will own 19 Harris Street, Pyrmont, NSW. Valued at A$185 million, 19 Harris Street is a high-quality, differentiated asset that meets the requirements of the new office era. ECF’s investment in the Trust represents a proportionate NTA value of A$41.5 million.
 
Elanor Commercial Property Fund (ASX: ECF) is an externally managed real estate investment trust that invests in Australian commercial office assets. It was listed on the ASX in 2019 and currently owns 8 office assets with a combined valuation of A$513.2 million. The Acquisition will increase the portfolio size to A$605.5 million.

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