Elanor Commercial Property Fund Acquires Garema Court for $71.5 million

  • Dec 23, 2019 AEDT
  • Team Kalkine

Elanor Commercial Property Fund (ASX: ECF) has acquired Garema Court in Canberra, Australian Capital Territory, for $71.5 million and the settlement is expected to happen on 28th February 2020.

  • After the acquisition ECF will have a portfolio of 7 investment grade commercial properties valued at $378 million;
  • The building is 99 per cent occupied and is wholly leased to the Commonwealth of Australia;
  • The acquisition will be fully funded by debt resulting in Fund gearing of approximately 36%.

At AEST 12:41PM, the stock was trading at $1.255 per share, up by 0.803% from its previous close.

 

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