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.”
AUTHOR
Oksana Patron
Recommended for you
Franklin Templeton has announced it will close its Australian Core Plus Bond Fund, having changed two fixed income funds in its Brandywine range last week.
Investment solution provider Channel Capital has appointed James Archer as its latest distribution director, joining from Pinnacle Investment Management.
Bennelong Funds Management has signed a memorandum of understanding with US private credit manager Monroe Capital to distribute its products in Australia.
Global equity manager Talaria Capital has appointed a Sydney-based sales director as it grows its distribution presence across Australia.
