Folkestone sells Brisbane shopping centre for $43.5M

Company News

by David Chau

Fund manager, Folkestone Ltd (ASX:FLK), has sold an inner-west Brisbane shopping centre for a 25.6% premium on what it paid for the asset three years ago.

The company sold the Station Oxley for $43.5 million to a fund managed by Savills Investment Management, which is an investment manager with over $23 billion of assets in Europe, Asia and the US.

The shopping centre is the only asset of the Folkestone Real Estate Income Fund at Oxley and, once sold, will be wound up.

Folkestone will receive a performance fee of around $800,000 in June when the limited retention period associated with this sale expires and the Fund is wound up.

Yesterday, shares in Folkestone closed 0.5% higher at $1.00.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.