The Adelaide investment firm has announced the acquisition of the leading retirement village operator's Kings Park Retirement Village, 4km south of Adelaide's CBD.
It is the second retirement village that Aveo has sold since it announced in April it wanted to sell its 16 retirement villages in South Australia and Tasmania. Brookfield Asset Management, the owners of Aveo, then announced in June it was putting the business for sale for $3 billion.
Adelaide's Auscare bought Aveo's Ackland Park in Everard Park, a southwestern suburb of the city.
It is the third retirement village bought through the ICAM Diversified Seniors Living Fund following its purchase of villages in Adelaide and Melbourne.
ICAM said it would upgrade the community centre, enhance the gardens and landscaping and submit a planning application to build eight Independent Living Units.
The investment fund announced it entered a strategic partnership with Torrens Health to provide assisted living and health services to its residents.
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