• Elanor Investors Group (ENN) to facilitate orderly transition of Elanor Commercial Property Fund (ECF) management to Lederer Group
• Lederer Group to convene EGM to vote on removing ENN as ECF's Responsible Entity and appointing Evolution Trustees Limited
• ENN to receive reduced $8.5 million compensation on termination of investment and property management agreements

Elanor Investors Group (ENN) has entered into arrangements to facilitate an orderly transition of the investment and property management of the Elanor Commercial Property Fund (ECF or the Fund). This follows Lederer Group's decision to convene an extraordinary general meeting (EGM) of ECF securityholders to vote on a resolution for the removal of Elanor Funds Management Limited (EFML) as the Responsible Entity of the Fund and the appointment of Evolution Trustees Limited as the new Responsible Entity. Lederer Group have confirmed its intention to vote its 43% equity holding in ECF in favour of this resolution. Should the resolution to change the responsible entity be passed, Elanor will terminate its current investment management agreement (IMA) and property management agreement (PMA) in accordance with its rights under these agreements. Both the IMA and PMA contain provisions that entitle Elanor to a compensation payment on termination following a change of responsible entity without Elanor's consent. Elanor has agreed to facilitate the transaction and receive a reduced compensation amount of $8.5 million on termination. Evolution Trustees Limited, as the new responsible entity of ECF, will then enter into a new IMA and PMA with LDR Capital Pty Ltd, a Lederer Group entity. The Lederer Group believes ECF investors will benefit from a material reduction in the annual fees and costs, an independent responsible entity, and alignment between the manager and ECF investors given the Lederer Group's 43% interest in the Fund.