News and Announcements
Folkestone Acquires First Asset for Seniors Living Platform
- Published July 07, 2016 11:32AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
7th July 2016, ASX Announcement
Folkestone’s (ASX:FLK) real estate funds management subsidiary, Folkestone Real Estate Management Limited (FREML), announced today that it had exchanged contracts for the acquisition of Watermark Castle Cove, an award winning retirement living community on Sydney’s lower north shore, the first asset for its seniors living platform and the Folkestone Seniors Living Fund No. 1 (FSLF).
The acquisition of the Watermark Castle Cove retirement living community comprises:
- a 100 per cent interest in 50 existing independent living apartments (ILAs) and ILAs undr construction which will be paid for on completion (including leasing); and
- a 100 per cent interest in adjacent land for development of an additional 21 ILAson terms whereby part of the consideration is contingent on completion and leasing of the ILAs and the development is undertaken in a 50/50 joint venture with the Watermark Partnership.
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