Folkestone Education Trust (FET) is a REIT that owns a portfolio of over 350 childcare centres around Australia
Tim Hannon
Newgate Capital Partners
Folkestone Education Trust (FET) is a REIT that owns a portfolio of over 350 childcare centres around Australia. We like the stock given its low risk earnings stream, long lease expiry profile, ability to develop assets on balance sheet and the opportunity for value creating acquisitions. The recent proposed merger with Folkestone Social Infrastructure Trust will add a further 47 childcare centres to the portfolio, deliver mild distribution accretion and see the FET market capitalisation lift to ~ $500 million, which should deliver a modest liquidity rerate. At current prices FET is delivering an attractive 2015 distribution yield of ~ 6.9% and should be able to deliver distribution growth at least at inflation over the medium to long term. Disclosure: Freehold owns FET across portfolios
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Tim has 22 years’ experience in the investment and securities markets. Tim was a partner of Goldman Sachs JBWere and during his 15-year tenure at the firm had senior experience across all areas of equities investing. Tim was Head of Australian Equities, Head of Real Estate and Co-Manager of Global Real Estate Securities portfolios with Goldman Sachs LLP. Tim was also founder and co-manager of the Goldman Sachs JBWere Australian Infrastructure Securities Fund, and co-manager of the award winning Goldman Sachs JBWere Emerging Leaders Fund. Over his career, Tim has been nominated or won eight distinguished industry awards, including “Fund Manager of the Year”.
Tim holds a Bachelor of Economics and a Graduate Diploma from the Securities Institute of Australia. Tim is also a Fellow of the Financial Institute of Australia and holds a Masters of Business Administration from Melbourne Business School.
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Tim Hannon
Principal
Newgate Capital Partners
Tim has 22 years’ experience in the investment and securities markets. Tim was a partner of Goldman Sachs JBWere and during his 15-year tenure at the firm had senior experience across all areas of equities investing. Tim was Head of Australian...
Expertise
No areas of expertise
Tim Hannon
Principal
Newgate Capital Partners
Tim has 22 years’ experience in the investment and securities markets. Tim was a partner of Goldman Sachs JBWere and during his 15-year tenure at the firm had senior experience across all areas of equities investing. Tim was Head of Australian...
Expertise
No areas of expertise
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