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Folkestone to tread carefully on future investments, despite tripling profits

People & Companies / Latest News

Australia / Sydney

Mar 02 2018

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Developer and real estate funds management, Folkestone, will be disciplined in its search for new opportunities, amid warnings of price spikes in some sectors.

The announcement by the group comes despite tripling its first-half profit, earning $3.3 million in acquisition fees from three funds, which were established to purchase an office building at Sydney Olympic Park and the Mercure Sydney International Airport Hotel, along with the development of a new hotel to be built in Alexandria.

Folkestone’s net profit rose from $3.2 million to $9.9 million in six months, while revenue increased by $21.8 million during the same period.

The group’s managing director Greg Paramour told the Australian while Folkestone would be patient, it would continue to look for investment opportunities. 

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