BENGALURU: Brookfield Asset Management will sell its Australian retirement home operator Aveo to The Living Company for A$3.85 billion ($2.5 billion), the Canadian company said on Thursday.
Aveo owns a portfolio of more than 10,000 units located across Queensland, Victoria, New South Wales and Tasmania.
Since acquiring Aveo in 2019 for an equity value of about A$1.27 billion, Brookfield simplified the platform’s customer contracts and invested more than A$500 million across the business.
“Aveo is a prime example of the operations-led turnaround investing that we excel at,” said Lowell Baron, Brookfield Real Estate CEO, and added the company plans to invest further in the living sector across Asia Pacific due to favorable market dynamics.
The Living Company is the parent of Scape Australia, the country’s largest student accommodation owner and operator.
The deal is expected to be completed in the third quarter of 2025.
