A stake in 19 Harris Street, Pyrmont, has been bought by a commercial property fund, in a deal worth $36.6 million.
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 is the commercial content writer within Momentum Media’s professional services suite, including Lawyers Weekly, Accountants Daily and HR Leader, focusing primarily on commercial and client content, features and ebooks. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications. Born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling.
