Australia's largest retirement living operator has expanded its operations in metro Melbourne with the acquisition of two communities from Not For Profit Royal Freemasons.
Aveo Group has bought Streeton Park (pictured) in Heidelberg on the Yarra River, which opened in 2016, and Redmond Park in Princes Hill, both highly sought-after suburbs in inner Melbourne.
The two retirement communities deliver a combined total of 145 apartments and are home to more than 150 residents.
“The acquisitions represent a significant investment for us and align with our growth strategy premium retirement living and the delivery of home care services in metropolitan areas,” said Aveo Group CEO Tony Randello
Tony said transfer of ownership of the two retirement communities is unconditional and is expected to complete on 13 July.
In October last year, Royal Freemasons CEO John Fogarty announced the board had decided to sell some of its retirement villages and aged care homes due to them not being of the size and scale to meet the needs of residents.
Further reading Has Aveo Group been given the green light by owner Brookfield to spend?
Check out the 28 retirement living and retirement villages in metropolitan Melbourne on villages.com.au
