Following the successful listing of Home Consortium (ASX: HMC) on the 14 October 2019, Primewest and Elanor Investors have announced proposed new ASX listings.
Primewest released a PDS on 14 October 2019 announcing plan for an ASX listing on 8 November 2019 through the offering of 100M securities at $1.00 per security. The offering will represent 28.6% of the 349.1M securities in the Primewest, which currently manages $3.9 billion of properties. With an intended ASX code of PWG the offer includes both a retail and institutional offer. Based on the offer price, PWG is expected to have a $349M market capitalisation. Funds raised from the IPO will be allocated to excess working capital, transaction costs and to redeem existing investor units.
Similarly, Elanor Investors Group (ASX: ENN) has announced a proposal to list the Elanor Commercial Property Fund on the ASX. The Fund is expected to consist of six properties, valued at approximately $306M, including the acquisition of 200 Adelaide Street, Brisbane and expected acquisition of the remaining 49% in 202 Pier Street, Perth. The Fund offers geographic diversification, including assets in Queensland, Western Australia and South Australia. It is also expected to acquire more office assets in the future. A PDS in early November 2019 is targeted to be lodged by the responsible entity, Elanor Funds Management Limited. The Fund currently consists of a WALE of 4.9 years and has a 97% occupancy rate.