News and Announcements
Folkestone Enters Agreement to Acquire Asset at Sydney Olympic Park
- Published July 27, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Folkestone’s (ASX:FLK) real estate funds management, has recently announced today the Folkestone SOP Opportunity Fund has entered agreement to acquire 11 Murray Rose Avenue, Sydney Olympic Park.
KEY TAKEAWAYS:
- 6-level commercial building, being built by FDC Construction & Fitout (NSW).
- Completion is forecast to occur in February 2018.
- Under the terms of the deal, the Fund has entered into an assignment agreement with the
Vendor, SOP 8D Pty Ltd (an entity associated with FDC) to purchase the interest in the “tobe-created” Asset and “to be granted” 99 year lease of the land.
“We are delighted to have secured 11 Murray Rose Avenue which is our second asset in the Sydney Olympic Park office precinct, following the acquisition of 7 Murray Rose Avenue in 2012 by another Folkestone fund. Sydney Olympic Park is now a thriving centre for business, sport, entertainment, tourism and residential use, which is enhanced by the area’s strategic position within Sydney” said Folkestone’s Managing Director, Mr Greg Paramor.
Folkestone has received commitments from high net worth investors and family offices to invest in the Fund for $24.7 million, being the full amount to be raised by Fund.
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