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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)
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Deal: Baker McKenzie has acted for Elanor Commercial Property Fund in relation to a $36.6 million capital raise to fund a 49.9 per cent stake in 19 Harris Street, Pyrmont in Sydney.
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”.
