FOLKESTONE and AMP Capital Investors' Select Property Portfolio fund No.2 have sold a property in Melbourne's western suburb of Altona.
The property at
The property includes 52 hectares of serviced and land.
Folkestone’s chief executive Oscar Guglielmi said this property is one of the last remaining large parcels of industrial land in Altona and the strong demand has enabled the joint venture to realise its investment objectives earlier than forecast.
AMP Capital Investors’ head of opportunity funds Dale Phillips said whilst the joint venture was very confident in its development plans for the project, the earlier than anticipated sale of the site will enable the joint venture to allocate additional capital to a range of other opportunities currently under consideration.
In addition to the sale, Folkestone said it expects to exceed its guidance on profit expectations for the year ending June 30, 2007, with an EPS of about 14 cents per share now forecast.
Australian Property Journal
