Folkestone enters JV for Sydney development

Company News

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.