The real estate fund manager and developer says the 3.4 hectares of BWP Trust land will be amalgamated with its existing land to create the development of a retail precinct, Millers Junction Retail.
Millers Junction Retail will be a $70 million retail centre development, anchored by Woolworths (ASX:WOW).
Meantime, the company also entered into its fourth Joint Venture with Wilmac Properties.
The JV will develop a further 2.2 hectares of Folkestone’s land at Altona North, into 76 office/warehouse mews, with an end value of about $28 million.
Shares in Folkestone Limited (ASX:FLK) are trading 0.96 per cent lower to $1.04.