Lederer family office bids for Elanor commercial property fund

LDR Assets Pty Ltd, acting as trustee for the LDR Assets Trust and part of the Lederer Family Office, announced a replacement bidder's statement for its off-market takeover bid for Elanor Commercial Property Fund (ECF). The offer price is A$0.70 cash per stapled security, representing premiums over ECF’s NTA and historical trading prices. The offer is conditional only on no prescribed occurrences.

The Lederer Family Office, founded in the 1970s, has grown to over A$3 billion in assets and holds a 27.9% voting power in ECF. The bidder believes the offer provides certainty of cash consideration and removes exposure to risks associated with continued investment in ECF, including potential further declines in net tangible asset backing and concerns about Elanor Investors Group's ability to continue as a going concern.

ECF's IBC has recommended rejecting the Lederer Group takeover offer, as announced on 8 September 2025. The bidder intends to replace ECF's responsible entity and investment manager if it achieves majority control, and seeks to improve management fee structures and remove future compensation payments.