Elanor Investors Group: Snaps up Challenger (ASX:CGF) real estate assets

Elanor Investors Group Snaps up Challenger (ASX:CGF) real estate assets

• Elanor Investors Group (ENN) is set to acquire Challenger’s (CGF) $3.4 billion Australian real estate funds management business for $41.8 million
• Consideration will see Elanor issue 27.4 million shares to Challenger, representing 18.2 per cent of ENN’s securities on issue
• The deal is subject to claw-back provisions based on certain milestones, including minimum base funds management fee targets
• If the deal goes ahead, Elanor’s assets under management will increase from $3 billion to $6.4 billion
• ENN shares was up 13.5 per cent, trading at $1.68, while CGF shares dipped 0.32 per cent, trading at $6.27 at 11:00 am AEDT