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Elanor Commercial Property Fund buys stake in 19 Harris Street
A stake in 19 Harris Street, Pyrmont, has been bought by a commercial property fund, in a deal worth $36.6 million.
Lauren Croft
Firm: Baker McKenzie (Elanor Commercial Property Fund)
Value: $36.6 million
Area: Capital equity
Key players: The Baker Mckenzie team was led by partner Steven Glanz with the support of Alan Darwin, Rita Mikhael and Georgia Chinchilla.
Deal significance: The proceeds of the $36.6 million offer will be applied to the strategic acquisition of a 49.9 per cent stake in a trust that will own 19 Harris Street, Pyrmont.
The offer was structured as a fully underwritten one for eight accelerated non-renounceable entitlement offer to raise $36.6 million at an issue price of $1.04 per security.
Commenting on the deal, the firm said they were “delighted to act for our long-standing client, Elanor Commercial Property Fund, in what is a strategic transaction. Valued at $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”.
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
