Singapore-based real estate firm Rockworth Capital Partners has acquired an 18% interest in property fund manager Elanor Investors Group to expand its footprint in Australia.
Rockworth bought 14.4m stapled securities in the Australian-listed company from existing shareholders, plus a placement of 3.5m new fully paid stapled stocks at A$1.85 per stock, according to a company statement.
Rockworth will become Elanor’s largest shareholder on the deal’s completion, with Rockworth CEO Lim Kin Song joining the company’s board of directors.
“We look forward to working with Elanor to jointly grow our fund management businesses by targeting new assets with value-add potential and co-investment opportunities that will complement our current investment activity,” said Rockworth CEO Lim Kin Song.
“The transaction demonstrates Rockworth’s long-term commitment to the Australian commercial real estate market while we continue to seek further growth in the broader APAC region, especially in developed economies that present opportunities to deliver strong risk-adjusted returns.”
“The strategic alliance with Rockworth further increases the capital raising capability of the Group following a number of global and domestic institutional capital partners that have invested in Elanor managed funds over the last 12 months,” said Elanor Investors Group CEO Glenn Willis.
Rockworth was advised by Lazard and Gilbert + Tobin on the transaction.
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