- Investor group Elanor has successfully completed an institutional bookbuild to measure shareholder interest in the company’s upcoming initial public offering
- The bookbuild revealed strong shareholder support, with over 82 per cent of existing security holders electing to participate in the placement
- Elanor is aiming to raise over A$173 million for its commercial property fund via the upcoming IPO
- Shares in Elanor were down 2.68 per cent today at market close, currently trading at A$2.18 apiece
Elanor has successfully completed an institutional bookbuild to measure shareholder interest in the company’s upcoming initial public offering (IPO).
The bookbuild revealed strong shareholder support for the IPO, with over 82 per cent of existing security holders electing to participate in the placement.
Elanor is aiming to raise over A$173 million for its commercial property fund via the upcoming IPO.
Investors who are already aligned with the company have also elected to take part in the capital raising program. It’s estimated a further A$29 million will be provided by outside investors to Elanor in exchange for a 15 per cent co-investment stake.
The fund itself consists of four commercial office assets with a combined value of A$156 million. The properties are spread across Australia’s major cities, with two in Brisbane, one in Perth and one in Adelaide.
Each of the buildings has become an admin hub to a suite of large corporations, most notably the Optus Group, Bunnings, Coles, NAB and Panasonic.
The company has vowed to use the funds raised to acquire more commercial real estate in the near future.
Elanor CEO Glenn Willis said the company was pleased with the strong level of support from both existing and new investors.
“We look forward to continuing to grow the Fund with an asset management platform and management team who have demonstrated a track record of delivering strong investment returns,” Glenn continued.
Shares in the Elanor investment group were down 2.68 per cent today at market close, currently trading at A$2.18 apiece.