News and Announcements
Folkestone commences stage 1 at Millers Road, Altona North and announces new income fund
- Published November 13, 2013 11:44AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
AXS Announcement, 12 November 2013
Folkestone Limited (ASX:FLK) is pleased to announce the commencement of Stage 1 of the Millers Road, Altona North development and the sale of the development to a new unlisted fund – the Folkestone Real Estate Income Fund at Altona North (“the Fund”).
The 21,500 square metre large format retail centre (“the Centre”) will be anchored by Bunnings and includes Officeworks, together with JB Hi-Fi, Repco, PETstock and petVet. Folkestone is also pleased to announce that it has entered into a contract of sale of 8,063sqm of land to Aldi Stores adjoining the Centre for a 1,600 square metre supermarket.
The Fund has a forecast annualised distribution yield of 8.5 per cent per annum in FY14 and FY15 with distributions to be paid quarterly. The Offer opens on 12 November 2013 and is scheduled to close on 9 December, 2013.
To read the full ASX announcement please download the document below.
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