News and Announcements
Folkestone Announces $42m Equity Raising to Fund New Opportunities
- Published November 24, 2014 2:45PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Folkestone Limited (ASX: FLK) today announced a $42 million equity raising to increase is holding in FET and to also take advantage of a number of new development opportunities for its balance sheet and funds management platform.
Folkestone’s increased investment in FET further strengthens our alignment of interest with FET Unitholders and provides Folkestone with direct exposure to the rapidly growing early learning sector.
FLK is in exclusive due diligence on 6 development projects across the residential (land subdivision and apartment markets), mixed use and neighbourhood retail sectors. These projects have a combined end value of more than $715 million, of which FLK’s share would be approximately $332 million, and will provide the basis for FLK to either invest capital directly, launch new development funds and/or co-invest in its development funds. Some of these projects may also provide completed product for our unlisted real estate income series.
For a copy of the:
ASX Announcement click here.
ASX Presentation click here.
Kind regards
GREG PARAMOR
About Folkestone
Folkestone (ASX:FLK) is an ASX listed real estate funds manager and developer providing real estate wealth solutions. Folkestone’s funds management platform, with approximately $850 million under management, offers listed and unlisted real estate funds to private clients and select institutional investors, while its on balance sheet activities focus on value-add and opportunistic (development) real estate investments www.folkestone.com.au
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