McCullough Robertson’s Corporate team proudly advised The Lederer Group on its strategic acquisition of the management rights to Elanor Commercial Property Fund (ECF), an ASX‑listed externally managed A‑REIT.

Between September and November 2024, McR assisted The Lederer Group with the acquisition of a substantial 27.5% holding in ECF. This was followed by an all‑cash hostile off‑market takeover bid in August 2025, resulting in the Group increasing its stake to approximately 43%. This strengthened ownership position enabled the Group to influence the future governance and strategic direction of ECF.

McR’s role encompassed advising on all aspects of the takeover process, including managing Takeovers Panel proceedings and navigating complex disclosure issues relating to a prior restraint arrangement between The Lederer Group and Elanor. The team also advised on the negotiated exit of Elanor Investors Group as ECF’s responsible entity and manager. This involved preparing and coordinating a meeting of ECF members, where members approved the removal of Elanor as responsible entity and the subsequent appointment of Evolution Trustees Limited, who then appointed a Lederer Group entity (LDR Capital) as the incoming manager and coordinating the transition of the management rights from Elanor to LDR Capital including consultation with the Australian Securities Exchange.

The process required highly sensitive negotiation and the design of an unusual implementation structure, supported by carefully drafted documentation to allow both sides to conclude the relationship and transition responsibilities.

This matter highlights the strength of our public M&A and property funds practice and demonstrates the value of a coordinated, multi‑disciplinary approach to complex takeover and A‑REIT governance matters.