Love Ageing

Charter Hall moves to buy Folkestone, including retirement village developments

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The $23 billion property fund group Charter Hall is to acquire in November the $1.6 billion Folkstone, a real estate fund and property development business established by Greg Paramour, pending shareholder approval.

Folkestone specialises in child care and social infrastructure property investments, including Victorian courthouses and police stations.

Folkestone’s retirement business is headed up by Stuart Nicolson with a mandate to JV with proven private village operators to acquire and expand village portfolios.

His first was Watermark at Castle Cove with Tony Olding, Chris Watt and Enzo Marchione. They are now developing a retirement village on 14,000sqm at Chatswood Golf Club, 11km northwest of the Sydney CBD.

Nicolson had several deals pending when the Fairfax/Four Corners media blitz hit, causing Folkestone to pull back from the sector temporarily.

He reports that it will be business as usual under Charter Hall.

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