News and Announcements
Folkestone Education Trust Debt Facility and Fund Update June 2016
- Published July 01, 2016 4:14PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
30th June 2016, Folkestone
On 30 June 2016, Folkestone Education Trust (“FET”) successfully refinanced its $227 million debt facility with Australia and New Zealand Banking Group Limited (“ANZ”) and Hongkong and Shanghai Banking Corporation Limited (“HSBC”).
The new bilateral facilities extend FET’s debt finance tenure to an average of four years. Key covenants regarding LVR and ICR remain unchanged.
ABOUT FOLKESTONE
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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