Paul Lederer sells another ex-Elanor office
Paul Lederer’s LDR Capital has sold another asset from the former Elanor Commercial Property Fund after taking control of the listed vehicle in February.
The manager has banked $30 million for 196 O G Road, Felixstow, about six kilometres north-east of Adelaide’s CBD.
The deal with a private investor reflects a 9.6 per cent net passing yield.
Settlement is scheduled in September.
Elanor, which recently rebranded to Kyron Capital, paid Centennial $35m in 2018 – a 7.9pc yield.
In the red
On 1.224 hectares, the Felixstow property contains a two level, 6288 square metre office built in 2002, extensively refurbished in 2015.
The NABERS Energy rating is 4.5 star.
DXC Technology – formed in 2017 when CSC and Hewlett Packard Enterprise’s Enterprise Services merged – is on a lease expiring in 2030 when it will be presented with a five year option. Also with substantial parking, some undercover, the complex is branded Campus DXC.
The asset holds development upside, within a Housing Diversity Neighbourhood zone, allowing up to three levels.
It has also been identified in the Greater Adelaide Regional Plan as a State Significant Infill area; it sold in 2013 by the Urban Renewal Authority (continues below).
CBRE’s Ian Thomas and Alistair Laycock with JLL’s Ben Parkinson, Jack O’Leary and Tim Mutton were the agents (continues below).
Sell down continues
LDR renamed the Elanor the LDR Capital Property Fund.
The Felixstow property, at the corner of Payneham Rd, is the fourth it has divested – generating about $106m cash.
The combined proceeds reflect a 9.6pc discount to the fund’s December, 2025, valuations.
“This transaction marks another important milestone in the execution of our strategy,” Mr Lederer said in an announcement yesterday.
“Importantly, we’ve done exactly what we said we would do,” according to the executive.
“Since assuming management of LED, we have remained focused on disciplined execution and delivering on the commitments we made to securityholders,” he added.
“We have acted decisively to reshape the portfolio”.
Last month realestatesource.com.au reported Mr Lederer bought the office component of Adelaide’s Market Square project for c$200m.
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