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Elanor Investors announced its interim financial results for the half year ended 31 December 2022 revealing a 6% growth in funds under management and a 5.5% increase in core earnings.
Elanor Investors Group CEO, Glenn Willis, said: “We are pleased with the significant progress made over the period in positioning Elanor for strong growth in funds under management. Over the period, we achieved 48% growth in funds management income and 71% growth in funds management EBITDA. Furthermore, the Group’s risk first approach to investing delivered a 3% increase ($77 million) in the valuation of the Group’s managed funds asset portfolio over the period. These achievements reflect both the strength of our funds management platform and our ability to identify high investment quality opportunities across our investment sectors.
With the prevailing environment presenting an increasing number of investment opportunities, our highly scalable real estate funds management capability positions us well for strong growth in both funds under management and Securityholder value.”
Over the last 6 months of 2022, the Group delisted the Elanor Retail Property Fund spun off the Tweed Mall Mixed-use Real Estate Fund for $87 million and launched an open- ended, unlisted, multi-sector Elanor Property Income Fund with an initial portfolio value of $117 million. The Group also recapitalised the $289 million Elanor Healthcare Real Estate Fund and extended the investments held by the Elanor Hotel and Accommodation Fund. Elanor also exchanged contracts on the acquisition of the Riverton Forum shopping centre for $98.8 million (to be settled in early March 2023).
Elanor have not provided any further guidance to earnings for FY23 but notes that it has plans for a sell-down of co-investments in CY23 which is expected to release $50m+ of growth capital.
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