Folkestone acquires Austock Property

Company News

Folkestone Limited (ASX:FLK) has completed its transaction with Austock Group Limited (ASX:ACK) for the remaining 35 per cent interest in the property funds management business.

The real estate fund manager has paid $5.5 million in cash to complete the deal, which is geared towards expanding its funds management platform.

Folkestone has about $600 million under management and offers listed and unlisted funds to private clients and institutional investors.  
 
Folkstone booked a net loss of $119,000 in the 2012 financial year.