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
Grant Hackett has been promoted from CEO of Generation Life to head up the wider Generation Development Group.
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
