Elanor Commercial Property Fund Q1FY26 Results and Takeover Update

Elanor Commercial Property Fund (ASX: ECF) has announced its forecast distribution for Q1FY26, covering the period from 1 July to 30 September 2025, while reaffirming earnings guidance. The Fund strengthened its capital position by extending debt facilities to November 2027, with 77% of drawn debt hedged at an average all-in cost of ~4.25% per annum, consistent with forecasts. Leasing momentum across the portfolio remains steady, with ongoing activity addressing occupancy expiries and enhancing the lease expiry profile.

On the corporate front, ECF received an off-market takeover offer from LDR Assets Pty Ltd, associated with the Lederer Group, initially lodged on 20 August 2025 and revised on 11 September 2025. The offer remains at $0.70 cash per security, subject to adjustment for distributions declared post-June 2025. Following review, the Independent Board Committee (IBC) has unanimously recommended that securityholders reject the proposal, citing opportunistic timing, material undervaluation, and insufficient control premium. A formal Target’s Statement will be issued to provide further details to investors.

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