Aged Care Placement | Senior Relocation

Aveo and Freedom Aged Care sold to Canada Brookfield

Posted: 14th August 2019

Aveo and Freedom Aged Care sold to Canada Brookfield

Aveo and Freedom Aged Care have been sold to a Canadian company: Brookfield

Aveo launched the process in an effort to close the gap between the value of its underlying property and its stock, which had been hammered in the previous two years by damaging allegations about its business practices and treatment of residents.

Aveo's major investor is Singapore-based Mulpha, with a 24.4 per cent stake, making it a key stakeholder in the transaction arranged with Brookfield.

Aveo has come under further pressure from the slowdown in the residential market, which has hampered the transition of prospective residents out of their own homes and into Aveo villages.

Aveo shares suffered their biggest one-day decline in at least five years when the retirement living company, after a June 24 update, said full-year earnings would more than halve in the year to June as the weaker residential market prevented clients from selling their own homes and slowed settlements further.

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