Truganina Development Fund
The Folkestone Truganina Development Fund (Fund) is Folkestone’s third real estate development fund.
FFM raised $18.25 million to develop, in Joint Venture with ID_Land, a 718 lot residential land subdivision and 3.1 hectare neighbourhood activity centre in Truganina, Melbourne (‘Project’). The Project, known as “Elements”, will be a carefully master planned community offering a selection of housing lot sizes to suit a range of buyers .
The Fund is an unlisted, closed-end single asset unit trust, established for the purpose of undertaking the Project.
The Fund’s forecast investment return has been upgraded to an equity IRR (post fees, pre-tax) of 21.0 per cent from the initial 18.0 per cent, and the return on equity (post-fees, pre tax) has been upgraded from 77.3 per cent to 88.0 per cent.
|Sector||Residential Land Development|
|Size||Circa 718 residential lots plus a neighborhood shopping centre|
|Folkestone Fund Interest (%)||80|
|Folkestone Co-Investment in the Fund (%)||20|
|Marketing Commenced||November 2014|
Key Financial Information
|Fund Type||The Fund is a closed end, unlisted development fund|
|Construction Commencement||June 2015|
|Equity IRR* (% pa)||21.0|
|Return on Equity* (%)||88.0|
|Fund Termination||June 2019|
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Our Board – Folkestone Funds Management Limited
Our Executives – Folkestone Funds Management Limited
The Project, known as “Elements”, will be a carefully master planned community offering a selection of housing lot sizes to suit a range of buyers.
Truganina is located approximately 20 kilometres west of the Melbourne CBD in the West Growth Corridor, one of the key Melbourne growth corridors. The area is well serviced by transport infrastructure – the new Tarneit railway station is approximately 1.5 kilometers to the south-west of the Project, with the Western Freeway and the Ring Road network close by.
The Project is an 80/20 joint venture (Joint Venture) between the Fund (80 per cent) and ID Dohertys Road Pty Limited (ID Dohertys) (20 per cent), an entity associated with ID_Land, an experienced, privately owned Melbourne based residential developer. ID_Land has undertaken a number of successful residential developments across Melbourne and this is the third joint venture between Folkestone and ID_Land. Folkestone has co-invested 18.8% in the Fund.
To visit the Elements website please click here Elements