News and Announcements
Folkestone Acquires Wollongong Commercial Building For New Income Fund
- Published April 10, 2013 4:49PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
- Folkestone to launch its second real estate income fund
- 79% of current income underpinned by Commonwealth and State Government tenants
- Folkestone’s balance sheet to underwrite $8.0 million to assist in the acquisition
Folkestone’s (ASX:FLK) real estate funds management subsidiary, Folkestone Funds Management Limited (FFM), announced today that it had exchanged contracts for the acquisition of 43 Burelli and 34 Stewart Streets, Wollongong (Asset) for the second in its series of real estate income funds.
The Asset is an A‐Grade commercial office building in the heart of Wollongong’s CBD. Constructed in 1988, the six level building has a ground floor with five levels of office accommodation together with parking for 90 vehicles. The Asset comprises a strong tenancy mix anchored by Commonwealth and State Government tenants who currently contribute 79 per cent of the Asset’s income.
FFM will be seeking to raise $14.5 million when the Offer, in respect of the Fund, is launched on or around 24 April 2013. The Offer is scheduled to close on 20 June to facilitate settlement of the acquisition on 26 June 2013.
To read the full ASX announcement please download the document below.
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