News and Announcements
Folkestone Enters Agreement to Acquire Land From BWP Trust
- Published June 02, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Folkestone (ASX: FLK) is pleased to announce it has entered into agreements with BWP Trust to acquire 1.0 hectare of land and a new call option to acquire an adjoining further 2.4 hectares of land at Millers Road, Altona North, to undertake Stage 3 of its successful Millers Junction project.
Folkestone’s Head of Real Estate Ben Dodwell said “We are pleased to have reached agreement with BWP Trust and Woolworths Supermarkets to enable us to deliver Millers Junction Retail. This, together with Millers Junction Business 2, will deliver the final stage of the Millers Junction masterplan and demonstrates our ability to use our balance sheet to secure and develop investment grade real estate across multiple sectors. This has enabled us to grow our retail development pipeline, which now includes two neighbourhood centres, and has a combined end value of circa $105 million and our enterprise park pipeline which has a combined end value of circa $160 million.”
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