The Lederer Group has announced its intention to make an off-market takeover bid for all stapled securities in the Elanor Commercial Property Fund (ASX: ECF). Lederer Group entities currently hold a 27.5% interest in ECF. The Lederer Group is one of Australia’s largest family offices with investments spanning financial markets, real estate, private equity, private credit, manufacturing, and sport. The group has over $12 billion invested in real estate assets, including investments in several listed REITs.
Under the offer, ECF unitholders will receive 70 cents cash for each ECF security held. This represents a 5.3% premium to the last closing price of $0.665 on 1 August 2025, a 9.4% premium to the 30-day VWAP of $0.64, and a 21% premium to ECF’s equity raising undertaken in October 2024. According to the Lederer Group, the offer is the highest price paid for ECF securities since June 2024.
Paul Lederer, Chairman of the Lederer Group, stated that the offer aims to provide ECF investors with an opportunity to sell their securities at the best price they have traded in the last 12 months. He expressed concerns about Elanor’s management and its impact on ECF investors. Lederer also committed to focusing on maximising returns for ECF investors if they choose to continue investing alongside the Lederer Group.
The offer is subject to limited customary conditions and is not subject to any minimum acceptance condition. Further details regarding the offer will be outlined in the bidder’s statement, which will be sent to ECF unitholders. McCullough Robertson is acting as legal advisor to the Lederer Group for the takeover bid.
