News and Announcements
Folkestone’s Development Fund Closes Oversubscribed After 1 Week
- Published March 20, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Folkestone Limited is pleased to announce that Folkestone Wollert Development Fund has closed significantly oversubscribed one week after its launch.
KEY TAKEAWAYS:
- The Fund has raised $25.40 million comprising $19.05 million of third party capital (75 per cent) and $6.35 million of co-investment from Folkestone (25 per cent).
- The Fund has an 80 per cent interest in a circa 42.2-hectare residential land subdivision known as Amber in Wollert.
- Amber is located in Melbourne’s northern growth corridor.
- The Fund will develop, in joint venture with ID-Land (20 per cent of the Project), approximately 560 residential lots providing a selection of lot sizes and price points to suit a range of buyers.
Folkestone’s Managing Director, Mr Greg Paramor said, “the success of the capital raising demonstrates investors’ appetite for quality real estate investments. The strong pre-sales we have achieved to date, its location in one of Australia’s fastest growing areas, the forecast internal rate of return of 17.0 per cent and return on equity of 56.0 per cent (pre-tax, post fees) all contributed to the attractiveness of the Fund offer to our investor base.”
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