Ann: Transaction update - Acquisition of Challenger Real Estate, page-6

Very much so.

Have built a position over the last few weeks.

Having met the team at Elanor a number of times, I've been nothing but incredibly impressed with the way they do business. Really high caliber leadership team, and they are hungry for deals and very opportunistic.

Feel very much like grabbing a Charter Hall or Centuria in it's infancy. Small business with a very experienced team trading at a huge discount.

You will also note their cap rates have been carried well above the rest of the market for some time now, and given the opportunistic nature of their strategies (releasing) I think the market will be surprised at how robust the carrying value of their book will be.

The addition of challenger, who should be still receiving strong flows will really support the FUM growth over time.

A lot to like here, and not a single broker will tell you about it.