Folkestone Limited (ASX:FLK) has exchanged contracts for its purchase of Watermark Castle Cove, a retirement village in Sydney’s north shore.
The company says this is the first asset for its senior living platform and the Folkestone Seniors Living Fund No 1.
According to the company, Watermark Castle Cove already has 50 independent living apartments, with 8 apartments currently under construction.
As part of this deal, Folkestone has also acquired the adjacent land, over which it will develop 21 apartments with the Watermark Partnership on a 50/50 joint venture basis.
Folkestone reported a net profit of $6.6 million at 31 December 2015.