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News: Folkestone enters JV for Sydney development

  1. FNN News
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    18/12/14
    11:40
    Post #: 14480286
    .

    Folkestone Limited (ASX:FLK) has entered into 50:50 joint venture to develop a mixed use site in Sydney’s north-west. 
     
    The listed real estate funds manager and developer has teamed up with unlisted Sydney developer Lyon Group Australia. 
     
    Folkestone will contribute about $2.2 million to the JV to fund option agreements over two commercial buildings. 
     
    The JV plans to consolidate a number of parcels of land to unlock a significant mixed-use development opportunity through a capital efficient structure.  
     
    Folkestone reported a net profit of $2.77 million in the 2014 financial year. 
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