Ann: Elanor Commercial Property Fund HY25 Results Presentation, page-47

My first reply- the formatting got all screwed up so I'll post again.

13th September 2024. They sneaked the agreement in at the end of ENNs "Notice of ceasing to be a substantial holder" form.

Remember this agreement was signed back in September 2024 so circumstances could have changed.




The above is interesting. Doesn't appear to have been actioned otherwise we would have received a filing.

"Further, on the point you make suggesting the possibility of an eventual buyout of other investors, do you mean a buyout of the other 50.1% of Harris Street fund or are you referring to on a bigger scale a buyout of all investors in ECF. If the latter, one would expect (?) a buyout price closer to the NTA per unit compared to the huge discount currently."

I'm talking about ECF and referencing this in the same agreement.




The transactions would have to be voted on by non associated holders (us). In this environment I'd say it would be at a discount to NAV.

Again circumstances could have changed but it is in the agreement for a reason.

I've also mentioned previously that Lederer has a stake in COF and also owns office properties with Centuria through wholesale funds.

If I was Lederer I would be pushing for a COF/ECF merger to create a larger A/B Class secondary office market REIT. That would create a $1b+ market cap REIT which would attract institutional investors, better debt terms, economies of scale etc etc.

At what price and if it could get done in this market is the billion dollar question.