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WorkZone West, WA. Source: Elanor
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  • Elanor Commercial Property Fund (ECF) announced that it has executed two “key” leasing initiatives
  • Following the announcement, the fund’s portfolio is now 95 per cent occupied with a weighted-average lease expiry of four years
  • The fund announced it will “significantly” exceed PDS funds from operations (FFO) forecasts to 30 June 2021 and is on target to meet recent FFO guidance of 12.5 cents per unit for FY21
  • At a $1.08 security price, the FY21 FFO estimate indicates an annual yield of 11.6 per cent, according to the company announcement
  • Elanor Commercial Property Fund has ended the day 5.16 per cent in the green with shares trading at $1.12 cents a share

Elanor Commercial Property Fund (ECF) announced that it has executed two “key” leasing initiatives.

Elanor is an externally managed real estate investment trust that invests in Australian commercial offices, currently owning seven assets with a combined valuation of $378 million.

Following the announcement, the fund’s portfolio is now 95 per cent occupied with a weighted average lease expiry of four years.

Level 2 of 200 Adelaide Street will be leased to Hub Australia for a 10-year period beginning September 2021, making the building completely filled.

Hub Australia’s lease on levels 4, 5 and 6 has been extended concurrently with the new Level 2 lease, bringing the weighted-average lease expiry of 200 Adelaide Street to 8.7 years.

Following the signing of a new Heads of Agreement, the Nexus Centre in Mount Gravatt will be fully leased as well.

Elanor reported that a large financial services business has agreed to terms for a 221-square-metre vacancy that will last for five years.

This new lease agreement adds another tenant to the property, joining Bunnings, Coles, NAB, Wesfarmers and Panasonic as existing tenants.

The fund announced it will “significantly” exceed PDS funds from operations (FFO) forecasts to 30 June 2021 and is on target to meet recent FFO guidance of 12.5 cents per unit for FY21.

At a $1.08 security price, the FY21 FFO estimate indicates an annual yield of 11.6 per cent, according to the company announcement.

Elanor Commercial Property Fund has ended the day 5.16 per cent in the green with shares trading at $1.12 cents a share.

ECF by the numbers
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