The Elanor Retail Property Fund has been created through the stapling of two existing wholesale property funds that were managed by Elanor Investors Group, and the acquisition of two new properties. The Fund raised approx. $110 million under the IPO and will have a market capitalisation on listing of approximately $174 million. The Fund will invest predominantly in retail shopping centre assets.
Lead partner and Australian M&A Head, Steven Glanz states: “We were delighted to act for our longstanding client, Elanor Investors Group, in the creation and listing of the Elanor Retail Property Fund which listed today on the ASX.”
Glanz was assisted by a Baker & McKenzie team comprising of Lauren Magraith (co-lead), Lewis Apostolou, Peter McMahon, Hoda Nahlous, Ivo Basoski, Jessie Bodor, Janet Cho and Joseph Bates.
Elanor Investors Group is an investment and funds management business focused on generating strong absolute and risk-adjusted returns through: investment in assets and operating businesses that deliver sustainable cash flows with potential for capital growth; and management of third party owned investment funds and syndicates.
Baker & McKenzie previously advised Elanor Investors Group on their initial public offering and ASX listing in 2014, and $33 million institutional placement and share purchase plan earlier this year.
Elanor has also been advised by Moelis & Company (Lead Manager and Underwriter) and Deloitte Corporate Finance (Investigating Accountant).
This transaction follows Baker & McKenzie's recent roles in advising APN News & Media on their current $273 million institutional placement and entitlement offer to fund their acquisition of Adshel, along with APN's previous $180 million entitlement offer and demerger and NZX listing of NZME, Afterpay Limited on its $36 million institutional placement, J.P. Morgan and Morgan Stanley as joint lead managers on the A$260 million institutional placement and entitlement offer by National Storage REIT, Morgan Stanley as sole lead manager and underwriter of the $85 million entitlement offer by Tox Free Solutions Limited, Macquarie Capital as sole lead manager and underwriter of the institutional placement by Metcash Limited to fund its $165 million acquisition of Home Timber & Hardware from Woolworths Limited.
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Baker & McKenzie has advised Elanor Investors Group on the establishment, initial public offering and ASX listing of the Elanor Retail Property Fund (ASX:ERF).