The Canadian multinational investment firm with over US$1 trillion of assets under management placed its retirement village owner/operator up for sale in June last year
Bids for Aveo closed on Friday last week, The Australian reported.
With a $3 billion plus tag being touted since last July, the companies reported to be interested are Charter Hall, Scape, Oxford Properties, AustralianSuper and GIC. Private equity firms are understood to have dropped their interest. Potentially helping the sale process are expectations of future rate cuts this year that would offer some stimulus to the housing market.
Aveo is on offer through Barrenjoey and Morgan Stanley.
Brookfield bought the then-listed Aveo (previously known as FKP) in 2019 for $1.3 billion, or $2 billion including debt.
Established in 1970, Aveo now has 67 retirement villages. In August last year, Aveo announced it had sold 13 of its South Australian villages for $122 million to Not For Profits Resthaven and Eldercare, both part of the UnitingCare Australia network. This followed the sale of Aveo’s Kings Park Retirement Village, 4km south of Adelaide's CBD, to Adelaide investment firm ICAM; and Ackland Park retirement village to Auscare. Aveo also sold five regional retirement villages to Teman Communities in July 2024.
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