Elanor Investors hits over 3-year high on buying Challenger's real estate business

Elanor Investors

06/04/2023 01:33

** Shares of Australia's Elanor Investors  ENN.AX  rise as
much as 16.2% to A$1.72, set to gain most since March 2020 if
gains hold
    ** The investment management firm says it will acquire peer
Challenger's  CGF.AX  Australian real estate funds management
business for A$41.8 million ($28.07 million)
    ** The parties also enter into strategic partnership for
Elanor to be Challenger's real estate funds management partner
in the Australia and New Zealand
    ** Adds deal will increase co's assets under management from
A$3 bln to A$6.4 bln
    ** CGF shares up 0.3%
    ** ENN hits highest since March 2
    ** ENN has fallen 9.2% this year, as of last close

($1 = 1.4890 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))