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Winding down Folkestone fund to sell sole asset for A$46M

Folkestone said unit holders of its Folkestone Real Estate Income Fund at Wollongong approved the sale of its sole asset and the winding down of the fund.

The fund is selling the six-level, grade-A office building encompassing 9,688 square meters at 43 Burelli St. in Wollongong, New South Wales, Australia, to a private investor for A$46.1 million. The property also offers parking for 86 vehicles.

Folkestone Funds Management will receive a roughly A$2.9 million performance fee in November when the property sale closes and the fund is wound down.