Investment sees Elanor end Challenger Life mandate | Australian Markets

Listed real estate fund supervisor, Elanor Funds Management has introduced that it has entered into binding phrases to develop its strategic alliance with Singapore’s Rockworth Capital Partners beneath which Rockworth will invest up to $125 million into Elanor.

Announcing the transfer to the Australian Securities Exchange (ASX), Elanor stated the funding can be used to recapitalise the business, stabilise the steadiness sheet and and cut back gearing.

It stated the expanded strategic alliance will present a basis for stabilising and growing Elanor’s business whereas enabling it to proceed to actively handle the real estate property of the company and Elanor’s different current managed fund capital companions.

The ASX announcement additionally famous that a key part of the transaction is the acquisition of Singapore based mostly real estate investment supervisor, Firmus Capital and a cessation and unwinding of its Challenger Life mandate and associated agreements.

It stated that Singapore-based Firmus is 70% owned by Rockworth and 30% pwmed by Firmus chief govt and present Elanor director, Su Kiat Lim.

Commenting on the transaction, Elanor chair, Ian Mackie stated the intention was to protect and get better Elan securityholder worth.

“Elanor has undergone an extensive period of transition during our business stabilisation and this initiative will prove the required reset to rebuild our real estate investment platform,” he stated.

“Our focus is, at the beginning, on stabilising after which growing the Australian business, adopted by increasing into Asia, alongside Rockworth, by capital-led growth alternatives in key real estate sectors.