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  • WPR sells $142M in assets to Fawkner Property
  • Elanor to acquire 19 Harris St, Pyrmont
  • ECF to have a 49.9% stake in the deal

Several transactions were made this week, totalling over $300 million, and that is not including the recent deal between Dexus and AMP.

Waypoint REIT and Fawkner Property

On Wednesday, Waypoint REIT (ASX: WPR) announced the sale of 29 assets to Fawkner Property Limited and associated entities.

The 29 assets sold were sold to Fawkner for $141.8 million, WPR said the figure is in line with WPR’s carrying value as at 31 December 2021.

The transaction is subject to rights of first refusal in favour of Viva Energy Australia and Coles Group, which provide a period of 30 days in which Viva or Coles can elect to acquire any of the properties on the same terms as agreed with Fawkner.

The transaction is expected to settle on 30 June this year, assuming the rights are not exercised by either Viva or Coles.

Elanor acquires 19 Harris Street, Pyrmont, NSW

Also on Wednesday, Elanor Commercial Property Fund (ASX: ECF) announced that it acquired a 49.9% in an Elanor Investors Group managed fund that will acquire 19 Harris Street in Pyrmont, New South Wales.

The commercial office property is valued at $185 million and includes 12,549 square metres of NLA. The property also currently has 92% occupancy by NLA, and 2.6 years WALE.

ECF’s investment in the 19 Harris Trust represents a proportionate NTA value of $41.5 million.

The company will contribute to the 19 Harris St acquisition through an $8.4 million capital contribution.

ECF also launched a fully underwritten 1 for 8 accelerated non-renounceable entitlement offer to raise $36.6 million to partially fund the acquisition.

Securities will be priced at $1.04, representing a 12.3% discount to ECF’s NTA of $1.19 security, and a 5% discount to the last traded price of $1.095.

“19 Harris a high-quality commercial office building located in one of Australia’s pre-eminent technology hubs–a differentiated asset with best-in-class ESG credentials that meets the requirements of the modern office era. This investment typifies ECF’s strategy of acquiring assets that have strong competitive advantages in their respective markets–that also have clearly identified value creation opportunities,” said ECF fund manager David Burgess.

Settlement is expected to occur at the end of May this year.

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