News and Announcements
Agreement to Sell Austock’s Property Fund Management Business to Folkestone
- Published July 09, 2012 11:52PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Austock Group Limited (ASX:ACK) and Folkestone Limited (ASX: FLK) advise that they have reached agreement for the sale of all of Austock’s shares in its subsidiary Austock Property Funds Management Pty Ltd and related entities in the property funds management business (“Austock Property”). Details are included in the appendix.
Austock Property manages four funds – the ASX listed Australian Education Trust (ASX:AEU) and The Australian Social Infrastructure Fund (ASX:AZF), the unlisted Austock Childcare Fund and the wholesale unlisted CIB Fund – with gross assets of approximately $555 million.
Mr Bill Bessemer, Chief Executive Officer of Austock Group said, “Austock is keen to retain an interest in the property funds sector and is particularly pleased that it can do so through its on-going investment in Folkestone which we believe has substantial upside given its management’s significant experience in managing listed and unlisted property funds.”
“This is a particularly good outcome for unit holders of the funds which Austock Property manages, and for Austock Property management, providing both with greater opportunities and prospects than Austock could deliver on its own” said Mr Bessemer.
The acquisition of the Austock property business is consistent with Folkestone’s strategy to expand its funds management platform.
Mr Greg Paramor, Managing Director of Folkestone said, “We are delighted that the Austock Property team led by Nick Anagnostou will be joining Folkestone. The Austock Property team has an excellent reputation in managing property related social infrastructure funds, and we believe there will be further opportunities to expand our platform in this very important area.”
“We are committed to ensuring the combined management teams of Austock Property and Folkestone will continue to deliver on each Fund’s objectives and to manage each Fund in the best interests of unitholders” said Mr Paramor.
The share trading halts regarding each of Austock and Folkestone can now be lifted. The Australian Education Trust and the Australian Social Infrastructure Fund are each simultaneously making separate announcements, and their unit trading halts are also being lifted.
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