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
Australian equity ETFs attracted record inflows of $3.2 billion in 1Q25, while heightened volatility led to a decline in flows for global equity ETFs, according to Vanguard.
The failure of a clinical trial by biotech firm Opthea has caused shares in its backer Regal Partners to decline 52 per cent year-to-date and hit its funds under management, quarterly flows show.
GQG Partners has revealed its quarterly flows for the first three months of 2025 were up 5.8 per cent, after a difficult final quarter of 2024 as a result of institutional redemptions.
Global asset manager Janus Henderson has signed a strategic partnership with life insurer Guardian Life, which will commit US$400 million to accelerate the firm’s fixed income development plans.
