Truganina Development Fund

Fund Overview

The Folkestone Truganina Development Fund (Fund) is Folkestone’s third real estate development fund.

FFM has raised $18.25 million to develop, in Joint Venture with ID Dohertys, a circa 707 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 will be wound up in accordance with the Trust Deed shortly after the Project is completed.

The key investment highlights of the Fund include:

  • Attractive Investment Returns – target equity IRR of 20% p.a. (post-fees, pre-tax) and a forecast return on investment of 69% (post-fees, pre-tax)
  • Strategic Location – approximately 20 kilometres west of the Melbourne CBD
  • Strong Demographics – located in one of Australia’s fastest growing local government areas
  • Efficient Acquisition Structure – the land is being acquired on deferred terms, with final payment due October 2016.
  • Relatively Low Debt – forecast peak Project debt is $16.3 million or 13.9% of forecast Total Project Costs
  • Site Readiness – development approved land with construction commencing in 2015
  • Underwritten and Co-investment – Folkestone has underwritten the Offer and will co-invest in the Fund

The Fund raised $18.25 million after closing oversubscribed in February 2015. As a result, Folkestone made available $225,000 of its $3.65 million (20 per cent) co-investment in the Fund to accommodate the oversubscriptions.

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Our Board – Folkestone Funds Management Limited

Grant Hodgetts
Non-Executive Chairman
BA, Assoc Dip Val, AAPI, MACID
Greg Paramor AO
Managing Director
FAPI, FAICD, FRICS
Ross Strang
Non-Executive Director
LLB (HONS), MAICD
Adrian Harrington
Head of Funds Management
B.SC (HONS), FFINSA

Our Executives – Folkestone Funds Management Limited

Greg Paramor AO
Managing Director
FAPI, FAICD, FRICS
Adrian Harrington
Head of Funds Management
B.SC (HONS), FFINSA
Ben Dodwell
Head of Real Estate
BA (I.D.), Grad. Dip. App. Fin. SIA, DIP PROP FIN, MAICD
Travis Butcher
Chief Financial Officer – Funds
B.Acc, CA, Grad. Dip. AFI SIA
Scott Martin
Chief Financial Officer & Company Secretary
B.Com, CA
Mark Stewien
General Counsel
LL.B, BCom (Finance)

Asset Overview

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

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