Baker McKenzie has successfully advised Elanor Commercial Property Fund (ASX:ECF) in relation to a AUD 36.6 million entitlement offer (Offer). The proceeds of the Offer will be applied to the strategic acquisition of a 49.9% stake in a trust that will own 19 Harris Street, Pyrmont.
The Offer was structured as a fully underwritten 1 for 8 accelerated non-renounceable entitlement offer to raise AUD 36.6 million at an issue price of AUD 1.04 per security. Baker McKenzie advised on the structuring of the Offer (which included a AUD 8.4 million capital contribution made by Elanor Investors Group) and completed legal due diligence with respect to the Offer.
Baker McKenzie lead partner on the transaction, Steven Glanz stated: "We were delighted to act for our long-standing client, Elanor Commercial Property Fund, in what is a strategic transaction to acquire a 49.9% stake in a Trust that will own 19 Harris Street, Pyrmont. Valued at AUD 185 million, 19 Harris is a high-quality, differentiated asset that meets the requirements of the new office era in terms of sustainability, digital infrastructure and premium location."
The transaction was run out of Sydney by Steven with the support of Alan Darwin, Rita Mikhael and Georgia Chinchilla.