Elanor Investors has bought Challenger鈥檚 Australian real estate funds management business for up to A$41.8m (鈧�26m).
The deal has more than doubled Elanor鈥檚 assets under management from A$3bn to A$6.4bn.
Elanor CEO Glenn Willis, said: 鈥淐ombining Elanor鈥檚 real estate funds management capability with Challenger鈥檚 market-leading capital raising platform delivers significant size and scale benefits, and positions us for further strong growth.鈥�
Nick Hamilton, managing director and CEO of financial services group Challenger, said the combination of Challenger鈥檚 real estate platform with Elanor would provide a significant uplift in capability and scale.
Under their strategic partnership Elanor will be Challengers鈥� real estate funds management partner in Australia and New Zealand. In return, Fidante - Challenger鈥檚 A$70bn multi-affiliate funds management business - will exclusively distribute Elanor鈥檚 real estate managed funds.
Hamilton said Challenger would benefit from both alignment and access to growth via the acquisition of a strategic stake in fellow ASX-listed company Elanor.
Post-transaction, Challenger will be Elanor鈥檚 largest securityholder with an 18.2% holding.
Elanor said Challenger intended to be a long-term Elanor securityholder, reflecting the strategic nature of the partnership, and would work with Elanor to support the growth of the business.
To read the latest edition of the latest 91传媒在线 magazine click here.
