Elanor Investor Group Announces Establishment Of A New Managed Fund, The Stirling Street Syndicate

Elanor Investor Group

Elanor Investor Group (ASX: ENN) announced today the establishment of the new managed fund, the Stirling Street Syndicate. The fund has acquired a commercial office property in Perth for $24 million. This off-market transaction is the Group’s second acquisition in the Perth Market, following the $125.25 million acquisition of the WorkZone West asset in June 2018.

The property is a high-quality, two-level, modern office building. This property was completely redeveloped in 2009, with a total net lettable area of 6,657 square meters. The Property’s current zoning allows for 24,340 sqm of developable gross floor area, with potential for up to 36,500 sqm. The current zoning allows for a broad scope of uses including commercial, retail and residential. 

ENN CEO, Glenn Willis believes that this deal provides their capital partners an attractive entry point reflecting an underlying land value at cyclically low rent levels. The CEO is seeing the Perth market recovering. He believes that this investment provides significant upside potential to aid income and capital value for investors in the Syndicate.

The company also launched $100 million Belconnen Market Revitalisation and the announcement of the same was published on 28th February 2019. The company received approval from the government for the first stage of its planned revitalisation of Canberra’s Belconnen for an overlay of $100 million.

Stage one of the projects is expected to be completed in late 2019. It comprises 3,750 sqm of strip retail, suited to retailers between 200 sqm and 1,000 sqm in size.

The CEO, Glenn Willis highlighted that there has already been very strong interest from “mini-majors” specialty retailers and service providers in the Stage One offering, which will complement the current retail precinct.

 ENN has lodged its stage two development application which would replace with a spacious new 5,500 sqm market hall. This hall would have a facility for undercover parking for 146 cars.

The management stated that stage two represents a 30% increase in the market hall’s footprint. The new project would allow for the introduction of food catering outlets, and new speciality food retailers to complement Belconnen Markets existing fresh food offering.

Elanor’s Co-Head of Real Estate, Mr. Michael Baliva highlighted the design features, and he also highlighted the company’s vision to transform it into a day- night destination for the residents of Canberra and its visitors.

The company reported its 1HFY 19 numbers on 18th February 2019, the funds under management increased by 32.9% to $1,149 million as on 31 December 2019 vs. 1H FY 18. The funds management fee increased by 33% on a comparable period basis.

The Stock Information:

The stock has dropped by 8.06% and 12.76%, in the past three months and six months respectively.

The shares of ENN closed 0.292% down on ASX, (Closing price of A$1.705 as on 01 Mar 19)

Elanor Investor Group’s (ASX: ENN) market capitalization stands at $164.12 million. The Stock has noted the 52-week low price of A$ 1.615 and the 52-week high price of A$2.100. The company has PE of 63.1 and an EPS of 0.027 AUD.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Top 25 Dividend Stocks report for April

People prefer a dividend stock in their portfolio as it possesses the feature of compounding. Compounding means that the earning which is generated through these dividend stock will get reinvested and will eventually create earnings from earning. More precisely, the dividend generated from these dividend stock will get reinvested to buy another set of a share of the dividend stock which results in giving a higher dividend.

Click here to download your top 25 dividend stocks report!

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here