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#ASX Announcements
stale
Added 12 months ago

An interesting Q3 update (see below)

The Adelaide asset is the smallest asset in the portfolio, but it now has a WALE of almost 8 years and was on the books at a 7.75% cap rate. I wonder if they will contemplate divesting now?

And then there is Pyrmont. The poison pill. It must be extremely close to breaching its covenants (which ECF isn't directly exposed to as it only owns 49%). Why Elanor thought buying this was a good idea beats me. Anyway, it's unclear how bad things actually are. Reuters originally occupied around 6,000 sqm. I believe that of the 4,000sqm that they aren't renewing on, a small portion of it has already been surrendered an re-leased. The rent that Reuters was paying was also well below market. If the space can be leased at a market rent, it will bode well for the valuation and long term cashflow. They've got until Feb 25 for the lease to expire so hopefully they can re-lease the space without much downtime.


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