SYDNEY: Elanor Investors Group on Friday said it has abandoned its planned acquisition of Singapore-based real estate investment manager Firmus Capital after prolonged regulatory delays, marking a shift in the Australian firm’s expansion strategy.
The deal, originally announced in July 2025, would have added approximately A$658 million in assets under management across the retail and office sectors. However, Elanor and its recapitalization partner Rockworth Capital Partners mutually agreed not to extend the May 31, 2026, sunset date for the transaction.
“As a result of delays and uncertainty in relation to the timing of obtaining regulatory approvals for the Firmus Acquisition and given the significant time lapse since the terms of the proposed transaction were negotiated in July 2025, Rockworth and Elanor have mutually agreed not to extend the 31 May 2026 sunset date,” the company said in a market update.
The acquisition had been structured as part of a broader A$125 million recapitalization with Rockworth, announced in April 2026. That financing package included a A$70 million senior secured debt facility, A$55 million in perpetual subordinated notes, and 30 million unlisted warrants to acquire Elanor securities at a nominal exercise price of A$0.01 each.
Under the abandoned deal, Elanor would have issued 141.3 million consideration securities to Rockworth and Su Kiat Lim. Those shares will no longer be issued. Rockworth will retain its existing stake of about 17.9 million ENN securities, representing 13.59% of current issued securities. If Rockworth exercises its 30 million warrants after Oct. 17, 2026, its stake would rise to approximately 29.60% on a diluted basis.
Despite the collapse of the Firmus acquisition, both parties signaled continued cooperation.
“Our balance sheet recapitalisation with Rockworth has significantly reduced the Group’s cost of capital and provided alignment between our capital structure and the long-term strategic objectives of the business,” said Tony Fehon, Elanor’s managing director. “It has established a strong foundation for the business, and we look forward to executing our Pan-Asian growth strategy alongside Rockworth.”
A Rockworth spokesperson said the firm remains “committed to building the Elanor business through our expanded strategic alliance,” adding that over the past 10 months the two firms have developed a strong working relationship.
Elanor also said it has made submissions to the ASX seeking approval to recommence trading in its securities, which were suspended. The exchange has indicated it intends to reinstate quotation subject to conditions including the provision of quarterly cash flow and activity reports. Trading is expected to resume following ASX confirmation.
Elanor Investors Group is a real estate investment and funds management firm with holdings across Australia and New Zealand, focusing on commercial office, retail, industrial, healthcare, and hotels and leisure sectors.
