News and Announcements
Folkestone Ltd (ASX:FLK) Annual Update 2015; Raised $42m & Reported a 122.6% NPAT Increase
- Published January 05, 2016 3:54PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
2015 Highlights:
- Net profit after tax of $7.0 million, up 122.6% on FY14
- Funds under management of $917 million, up 12.8% on FY14
- Successfully raised $42 million from a Placement and Entitlement offer
- Launched the Folkestone Truganina Development Fund
- Folkestone entered into a JV with the Lyon Group Australia, a leading Sydney property developer, to acquire a site in Sydney’s North-West
- Launches two new developments
- Voted Best Performing A-REIT Manager For FY15 by Morningstar Australian Institutional Sector Survey
Folkestone is an ASX listed real estate funds manager and developer which offers listed and unlisted funds to investors. The Company generated a net profit after tax of $7.1m in FY15, an increase of 122.6%, recorded strong growth of more than of 12.8% to $917m FUM and a development pipeline in excess of $1.0bn.
Folkestone manages the Folkestone Maxim A-REIT Securities Fund a high conviction, actively managed fund that gives investors exposure to a mix of quality listed A-REITs that own assets across the retail, residential, commercial, hotel, industrial and real estate related social infrastructure sectors. The Folkestone Maxim A-REIT Securities Fund was the best performing fund in the Morningstar Australian Institutional Sector Survey in FY15.
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