AVEO LAND ACQUISITION WORTH $380M

Written on the 23 May 2014

AVEO LAND ACQUISITION WORTH $380M

AVEO Group (ASX:AOG) has acquired two retirement sites with an expected end value of $380 million, as the company continues to build its retirement portfolio.

Aveo purchased approximately 14.4 hectares of land at Northwest Business Park and Sanctuary Cove for a total of $53.6 million.

The announcement follows the completion of unloading its 50 per cent stake in the MFKP joint venture to Mulpha Group for $56 million.

CEO Geoff Grady (pictured) says the purchase was a major coup for the company’s slim-down to become a purely retirement group.

“Aveo has a range of sites within our broader residential portfolio that, like these sites, are appropriate for new retirement developments.

“We will continue to develop these sites as we move towards our target of delivering 200 new retirement units annually by FY16, extending to 500 new retirement units annually by FY18,” he says.

The sites will be developed into two major retirement villages, expected to accommodate 1000 residents and completed in 2017.

Advanced discussions with aged care operators are underway for the Northwest site, to include both low and high levels of care, including dementia care.


Latest News

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

ACCODEX AIMS TO RAISE $5 MILLION CAPITAL, AWARD FOR CEO A CHERRY ON TOP

ACCOUNTANT Chris Hooper has never been one to shy away from voicing his opinion when it comes to the state of his ...

AVEO GROUP TO BUY BACK SHARES FOLLOWING MEDIA INVESTIGATION

FOLLOWING last night's Four Corners report which revealed accusations against Aveo Group (ASX: AOG) of financi...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

Related News

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

SHARE PRICE PLUNGE FOR RETIREMENT VILLAGE OPERATOR AHEAD OF FOUR CORNERS INVESTIGATION

A RETIREMENT village operator which has been accused of charging excessive fees through complex contracts has respond...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter