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Tomorrow (24 Feb) a debate is scheduled in the Victorian Parliament for an enquiry into retirement villages. The movement, supported by Council of the Ageing (COTA Vic) and Residents of Retirement Villages Victoria (RRVV) states that village residents face ‘numerous problems but these problems are often hidden from public view’.
MinterEllison advised Aveo in this strategic acquisition of Freedom Aged Care last week, with a team led by M&A partner Gary Goldman and head of the firm's Retirement Villages practice Robin Lyons. Goldman said "We have seen strong M&A momentum across the entire retirement and aged care sector and believe we are likely to see increased foreign and domestic investment interest".
For the six months to December 2015 Aveo Retirement made an operating profit of $29.1M, a 12% increase over the same 2014 result. They have had stable sales but have achieved price increases. They target 3.65% price growth in the medium term.
The Victorian village and care sector has been surprised and saddened this week to learn that Southern Cross Care CEO Jan Horsnell has decided to leave the post to manage a long term health condition, a decision she says she has made after ‘deep soul searching’.
lendlease has sold its five NZ retirement villages to New York global fund manager The Blackstone Group, which has $490 billion under management.
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Our fortnightly newsletter brings you all the tips and tricks you need for a successful retirement, covering everything from finances and property, to health and happiness. Get prepared and sign up here.
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