Folkestone enters $40m JV to develop townhomes
Folkestone has entered into its fifth joint venture (JV) with ID_Land to develop 64 townhomes in Melbourne.
The $40 million deal was the fifth JV between ID_Land and Folkestone.
The two firms said they were currently working together on a $120 million master-planned community in Wollert together with the ‘elements’ master-planned community in Truganina.
ID_Land’s joint director, Matt Belford, said: “The joint venture was the first time Folkestone had partnered with the developer across a medium density site”.
“As a result of this diversification strategy we now have over 600 townhome sites under management as part of our $3.1 billion portfolio.
“Folkestone has also identified medium density as a strong investment class, so knowing our very successful past partnerships together it seemed like a natural progression to form a joint venture across one of our medium density projects.”
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.