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.