News and Announcements
Folkestone Exchanges Contracts for the Acquisition of Watermark Castle Cove
- Published July 14, 2016 12:55PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Folkestone’s (ASX:FLK) real estate funds management subsidiary, Folkestone Real Estate Management Limited (FREML), announced on 7 July 2016 that it had exchanged contracts for the acquisition of Watermark Castle Cove, an award winning retirement living community on Sydney’s lower north shore, the first asset for its seniors living platform and the Folkestone Seniors Living Fund No.1 (FSLF).
Mr Greg Paramor, Managing Director of Folkestone said “We already have more than $780 million in funds under management in social infrastructure through the ASX listed Folkestone Education Trust, Australia’s largest owner of early learning properties, and the unlisted CIB Fund which owns police stations and courthouses in Victoria. Our move into seniors living is a natural progression of our strategy to be a key player in the social infrastructure space.”
As Folkestone’s first seniors living fund, FSLF’s investment strategy is to own and develop high quality retirement living communities in Sydney via investing in operating facilities and/or partnering with quality operators to own and/or develop retirement living communities.
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