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

2017 BRISBANE TOP COMPANIES REVEALED

WHILE Queensland is regarded as an economy in transition with the winding down of the mining boom, the 2017 top 50...

2017 BRISBANE TOP COMPANIES 1-10

FROM insurance and banking to travel, gambling, retail, property and pizza, these "heavyweights" have ha...

2017 BRISBANE TOP COMPANIES 11-20

RETAIL, property, an airline, cars, real estate, software services, energy, agriculture, veterinary services bathr...

2017 BRISBANE TOP COMPANIES 21-30

JEWELLERS Michael Hill International listed in 2016 with a half-billion dollar market capitalisation and a new CEO...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

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