It was only four years ago that Teman Communities became a national operator with the acquisition of five Settlers communities from the receiver DEM Asia Group.
Now Jamie and Braden, whose family business Johnson Property Group is a major developer on the NSW Central Coast, has entered an agreement to buy five regional retirement communities from Aveo Group.
"The five regional Aveo communities Grovedale Place in Geelong; Kennington Gardens in Bendigo; Roseview Court in Tamworth; Jacaranda Gardens in Coffs Harbour; and Village Court Gardens in Toowoomba were identified as a potential opportunity for Teman as experts in the management of regional retirement communities,” said Aveo CEO Tony Randello.
“The planned transition allows Aveo to simplify and refine its portfolio of well-connected communities in metropolitan areas along the Eastern Coast of Australia. Aveo is engaging with employees and residents about this change and ensuring residents continue to receive the services they expect, and the community experience they enjoy. Aveo takes its obligations to the residents living in their communities very seriously. The terms of current resident contracts will not change and will continue to be honoured by Teman Communities."
Aveo’s owner, the Canadian alternative investment management company Brookfield, is seeking to sell the leading Australian retirement village owner/operator, for a figure around $3 billion. Aveo decided to put its retirement villages in South Australia and Tasmania for sale in April.
“Aveo will be working closely with Teman to ensure a smooth transition, and it remains committed to supporting residents and staff during this time. The transition process will begin immediately and is expected to be complete in the coming months,” added Tony.
Teman had a total of 601 homes across NSW, VIC and WA, and the acquisition will give it another 338 homes.
