Folkestone to merge childcare trusts, bulk up for fight
Fund manager Folkestone has proposed merging its two listed childcare trusts, the $385 million Folkestone Education Trust and the $77 million Folkestone Social Infrastructure Fund.
Fund manager and developer Folkestone has proposed merging its two listed childcare trusts to create a single trust with more than 400 childcare centres and with a market cap close to $500 million as it battles with rival Arena REIT to take control the lucrative early learning property sector.
ASX-listed Folkestone’s bid to merge its $385 million Folkestone Education Trust (FET) and $77 million Folkestone Social Infrastructure Fund (FST) would create an entity significantly bigger than the $324-million listed Arena REIT, which in September rejected Folkestone’s takeover bid.
