Elanor Commercial Property Fund (ECF)

Value-add office fund with 9.6% yield

Core Property has initiated coverage on the Elanor Commercial Property Fund (ASX: ECF) with a BUY recommendation.

ECF invests in a portfolio of metropolitan and well-established office properties with value-add potential.

Earnings are supported by a strong tenancy profile with 87% of income derived from government and blue chip tenants. The portfolio provides relatively low risk, with 15% of income falling due over FY21-FY23 and the next major lease expiry not until March 2024.

ECF is currently trading on an attractive distribution yield of 9.6% for FY21, with a conservative payout ratio of 80% providing a strong buffer against earnings.

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Published - 24/03/2021

Core Property Rating - BUY

Target - $1.36

This publication is not and should not be construed as, personal financial product advice, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Any opinion contained in the Report is unsolicited general information (general financial product advice) only. Read more here.