Folkestone Limited (ASX:FLK)
has entered into 50:50 joint venture to develop a mixed use site in Sydney’s north-west.
The listed real estate funds manager and developer has teamed up with unlisted Sydney developer Lyon Group Australia.
Folkestone will contribute about $2.2 million to the JV to fund option agreements over two commercial buildings.
The JV plans to consolidate a number of parcels of land to unlock a significant mixed-use development opportunity through a capital efficient structure.
Folkestone reported a net profit of $2.77 million in the 2014 financial year.