Elanor Commercial Property Fund (ASX: ECF), a real estate investment trust that invests in Australian commercial office assets, today announced its forecast distribution for the quarter ending 30 September 2025. The Fund, which was listed on the ASX in 2019 and currently owns nine office assets valued at $495 million, expects a distribution of 1.625 cents per security for Q1FY26. The FY26 distribution guidance of 6.5 cents per security has been reaffirmed. Terms have been agreed to extend the Fund’s debt facilities to November 2027, with approximately 77% of drawn debt hedged and an average all-in cost of debt of ~4.25% p.a., consistent with forecasts. Ongoing leasing activity is addressing occupancy expiries and improving the lease expiry profile.
On 20 August 2025, ECF received a takeover offer from LDR Assets Pty Ltd, associated with the Lederer Group, for $0.70 cash per ECF security. The Bidder’s Statement was revised and re-released on 11 September 2025, with the offer price to be reduced by any distributions declared or paid after the June 2025 quarter distribution and before the offer closes.
The Independent Board Committee (IBC) of the Responsible Entity recommends that ECF securityholders reject the takeover offer. The IBC believes the offer is opportunistically timed, materially undervalues ECF, provides inadequate control and NTA premia, and would deny securityholders future distribution entitlements. The Responsible Entity’s Target’s Statement will be released to the ASX and provided to securityholders soon, with securityholders encouraged to review all relevant materials before making a decision.
The distribution timetable includes an ex-date of 29 September 2025, a record date of 30 September 2025, and a payment date of 6 November 2025. This announcement was authorised for release by the Board of Directors of Elanor Funds Management Limited.
