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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.
Several years ago lendlease stopped separating out its Retirement results, instead lumping it into ‘Residential’. However last week it gave a small glimpse, simply stating: “Average annual EBITDA in Retirement of circa $150 million per annum over last 3 years (FY13-FY15).
Aveo has acquired 100% of private aged care village operator Freedom Aged Care for $215.5M. The acquisition by a top tier village operator takes supported living/private aged care from the fringes into the mainstream of retirement living and care product offerings. Freedom operates 15 villages under the Retirement Village Act in QLD, NSW, VIC and TAS. The deal delivers Aveo 1,000 units plus a development pipeline of 533 units.
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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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