Elanor Commercial Property Fund buys stake in 19 Harris Street

22 May 2022 By Lauren Croft
Elanor Commercial Property Fund

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)

Advertisement
Advertisement

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

Lawyers Weekly Discover

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”.

Elanor Commercial Property Fund buys stake in 19 Harris Street
Intro image
lawyersweekly logo