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Rockworth buys into Elanor

April 12, 2019

 

Rockworth Capital Partners Pty Ltd has acquired an 18% strategic interest in the Elanor Group at A$1.85 per stapled security, representing a 6.3% premium to the closing price of A$1.74 on 10 April 2019. Rockworth will become the groups largest shareholder.


Elanor has entered into a strategic alliance agreement with Rockworth that delivers a commercial alignment between the groups focused on growing funds under management. The strategic alliance positions Elanor to capitalise on future growth opportunities and enhances the Group’s capital raising capabilities.


Major elements of the strategic alliance include:
• Rockworth acquiring a strategic interest of 18% in Elanor by way of acquisitions from existing investors and an institutional placement;
• Elanor and Rockworth increasing AUM through identifying, co-investing in, and co-managing, new assets and fund opportunities; and
• Rockworth founder and CEO, Lim Kin Song joining the Elanor Board of Directors.

 

Elanor CEO, Glenn Willis, said: “We welcome Rockworth Capital Partners as a strategic investor in Elanor and look forward to collaborating with them on new funds management opportunities for the Group. We will be exploring a range of real estate investment management initiatives with Rockworth in the near term.


Rockworth is a Singapore-headquartered real estate asset and investment manager established in 2011, with offices in Sydney and Brisbane. Rockworth’s current portfolio comprises 14 retail and office assets across Sydney, Melbourne, Brisbane and Perth. 

 

Rockworth’s 18% strategic interest in Elanor has been acquired via an acquisition of 14.4 million stapled securities from existing security holders and a placement of 3.5 million new fully paid stapled securities. The New Securities were subscribed for at A$1.85 per New Security for a total consideration of A$6.5 million. 

 

ENN Trading Chart vs ASX200 AREIT
Blue - ENN,  
Purple ASX200 AREIT

 

 

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