Elanor fund defends performance after failed Lederer takeover bid

Elanor Funds Management Limited, as the responsible entity of Elanor Commercial Property Fund (ECF), has clarified its position regarding recent articles in the Australian Financial Review (AFR) and comments made by Paul Lederer. This follows Lederer Group's unsuccessful hostile takeover attempt.

ECF asserts its total return has outperformed ASX-listed office REIT peers by 18.2% since its IPO, as detailed in its target's statement dated September 26, 2025. The fund has consistently delivered distributions to securityholders every quarter, even amidst a challenging real estate market, the COVID-19 pandemic, increased work-from-home arrangements, and a high-interest rate environment. ECF reaffirms its FY26 distribution guidance of 6.5 cents per security, representing a 9.85% distribution yield based on the October 16, 2025 closing price. This surpasses all comparable externally managed ASX-listed A-REITs with available FY26 guidance.

The responsible entity is reviewing fees charged by the manager following claims from the Lederer Group regarding disclosure and quantum of fees. ECF states its management expense ratio aligns broadly with comparable externally managed A-REITs. The fund also confirms its compliance with continuous disclosure obligations and will provide market updates as necessary.