Folkestone to buy land from BWP Trust for $70m project

Company News

by Jessica Amir

Folkestone Limited (ASX:FLK) has entered into an agreement to buy 1 hectare of land from BWP Trust (ASX:BWP), with a call option to purchase an adjoining 2.1 hectares of land in Altona North, in Melbourne,

The real estate fund manager and developer says the 3.4 hectares of BWP Trust land will be amalgamated with its existing land to create the development of a retail precinct, Millers Junction Retail.

Millers Junction Retail will be a $70 million retail centre development, anchored by Woolworths (ASX:WOW).

Meantime, the company also entered into its fourth Joint Venture with Wilmac Properties.

The JV will develop a further 2.2 hectares of Folkestone’s land at Altona North, into 76 office/warehouse mews, with an end value of about $28 million.

Shares in Folkestone Limited (ASX:FLK) are trading 0.96 per cent lower to $1.04.

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