Elanor Investors Group Suspends Trading and Cancels Dividend Amid Financial Reassessment

August 23, 2024 01:29 PM AEST | By Team Kalkine Media

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Elanor Investors Group Suspends Trading and Cancels Dividend Amid Financial Reassessment — Image source: shutterstock

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Elanor Investors Group (ASX:ENN) has requested a trading suspension on the Australian Securities Exchange (ASX) and announced the cancellation of its dividend. This move is part of the company's strategy to stabilize its financial position amid ongoing challenging debt conditions in the real estate sector.

The group, which has expanded significantly across various commercial property sectors and recently took over management of Challenger's property assets, is now seeking to address its financial situation by exploring refinancing options. Elanor has enlisted MA Moelis Australia as its debt arranger to assist with this process.

Elanor Investors Group manages approximately $6 billion in funds across Australia and New Zealand, establishing itself as a prominent player in a relatively quiet property market. The company has initiated the orderly divestment of its hotel assets within the Elanor Hotel Accommodation Fund, marking its exit from the hotels, tourism, and leisure sector, where it oversees about $500 million in assets.

The decision to divest from these sectors is aimed at allowing Elanor to concentrate on growth opportunities in its core areas of retail, office, healthcare, and industrial real estate. Additionally, the group is evaluating the potential divestment of other assets to further stabilize its balance sheet.

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