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Real estate fund manager Folkestone Limited (ASX:FLK) has inked a deal to buy a subsidiary of Austock Group Limited (ASX:ACK).
Subject to shareholder approval Folkestone will acquire all of Austock’s shares in Austock Property Funds Management and related entities in the property funds management business.
Austock Property manages ASX-listed Australian Education Trust (ASX:AEU) and Australian Social Infrastructure Fund (ASX:AZF).
Austock Group says it is pleased it can retain an interest in the property funds sector through its on-going investment in Folkestone.
Folkestone says the Austock Property acquisition is in line with its strategy to expand its funds management platform.
Folkestone rebounded to an interim profit of $711 million in the six months to December 31, 2011.
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Last
$2.97 |
Change
0.040(1.37%) |
Mkt cap ! $883.0M | |||
| Open | High | Low | Value | Volume |
| $2.93 | $3.02 | $2.90 | $912.2K | 306.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 776 | $2.95 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.00 | 1588 | 1 |
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| GDG (ASX) Chart |