Tony Randello, CEO of the nation's largest retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania "aligns with Aveo’s regular strategic review of opportunities across its portfolio".
The decision will make Aveo, which is owned by Brookfield Asset Management, a solely East Coast village operator. The sale would also see Keyton take its crown as the largest retirement village operator in Australia.
"Aveo recently sold its Adelaide based community, Ackland Park to Auscare," Tony said.
"The interest generated through that process supported the prospective sale of the broader Adelaide based portfolio. In addition, the prospective sale of the two Tasmanian communities enables Aveo to simplify and refine its portfolio of well-connected communities in and around greater metropolitan areas along the Eastern Coast of Australia."
"The 16 communities across South Australia and Tasmania are popular, well-presented communities that experience high occupancy. The Adelaide portfolio offers 14 communities with 98% occupancy. The two communities in Tasmania, which are located alongside a golf course in Launceston and the Derwent River in Hobart, are also at 98% occupancy. All communities have central community centres and resident amenities.
"Aveo is seeking Expressions of Interest until 27 May 2024."
"Aveo takes its obligations to the residents living in their communities very seriously. The terms of resident contracts will not change because of a sale and will continue to be honoured by any future owner. Resident’s homes will continue to have the protection of the retirement villages legislation that applies in South Australia or Tasmania," added Tony.
