Investors in Folkestone will get a special dividend after their Sydney-based fund manager booked a one-off gain when it sold down a rezoned residential development estate outside Melbourne into a syndicate.
The $8.8 million fee derived from that deal at Wollert was just one of the examples of how Folkestone uses its own balance sheet to warehouse opportunities for the platform, managing director Greg Paramor said.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
