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Elanor Investors Group (ASX: ENN) has announced preparations are underway for an initial public offering (IPO) of its commercial property fund.
The Sydney-based company says after the IPO the Elanor Commercial Property Fund (ECPF) will own six investment-grade commercial properties valued at approximately $306 million in Queensland, Western Australia and South Australia.
The fund proposes acquiring more investment grade assets over time, but to start with the IPO will help fund the purchase of 200 Adelaide Street, Brisbane and the remaining 49% interest not already held in Workzone at 202 Pier Street, Perth.
Existing investors in ECPF will be given the opportunity to participate in the IPO.
Elanor Funds Management Limited (EFML) is the responsible entity of the fund and is targeting the lodgement of a Product Disclosure Statement (PDS) with the Australian Securities and Investments Commission (ASIC) for an offer of securities in the fund in early November.
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