The landmark building is in a prime CBD fringe location
Baker McKenzie has advised Elanor Commercial Property Fund (ECF) with a $36.6m entitlement offer to fund a strategic acquisition of a 49.9% stake in 19 Harris Street, Pyrmont in Sydney.
The firm advised on the structuring of the fully underwritten 1 for 8 accelerated non-renounceable entitlement offer at an issue price of $1.04 per security. This included an $8.4m capital contribution from Elanor Investors Group.
The revitalised 19 Harris Street is an A grade landmark building in a prime CBD fringe location, boasting views over Pyrmont Point Park and Pyrmont Bay.
The transaction was led by Baker McKenzie partner Steven Glanz, with the support of special counsel Alan Darwin, associate Rita Mikhael and law graduate Georgia Chinchilla.
"We were delighted to act for our long-standing client, Elanor Commercial Property Fund, in what is a strategic transaction to acquire a 49.9% stake in a Trust that will own 19 Harris Street, Pyrmont,” Glanz said. “Valued at $185m, 19 Harris is a high-quality, differentiated asset that meets the requirements of the new office era in terms of sustainability, digital infrastructure and premium location."
ECF is an externally managed real estate investment trust that invests in commercial properties throughout Australia. It was listed on the ASX in 2019 and has seven office assets with a combined valuation of $374m.