Brookfield in takeover talks with retirement home operator Aveo

Aveo Group Ltd, a Sydney, Australia-based owner, operator and manager of retirement communities, said Brookfield Asset Management is the preferred party in the company’s strategic review process.

Aveo said it is negotiating with Brookfield Property Group, the Toronto-based alternative asset manager’s real estate arm, about an indicative acquisition proposal with the view to entering a definitive agreement.

The company will provide a further update later this month.

Reuters reported a transaction would value Aveo at A$1.2 billion (US$844 million).


Update: Strategic Review

4 July 2019

Australia’s leading owner, operator and manager of retirement communities, Aveo Group (ASX: AOG, “Aveo”) today released a further update on the Strategic Review process.

Further to Aveo’s 24 June 2019 announcement and in response to media speculation today, Aveo confirms that the preferred party in Aveo’s Strategic Review process is Brookfield Property Group, together with
its affiliates and their managed funds (“Brookfield”).

Aveo continues to negotiate with Brookfield in respect of its Indicative Proposal with a view to entering into definitive agreements leading to a Scheme of Arrangement to give effect to the Indicative Proposal.

There continues to be no certainty that it will result in an acceptable offer for Aveo securityholders or that a transaction will be implemented.

Aveo will provide a further update on or after 22 July 2019 as foreshadowed previously.

Investor Contact:
David Hunt, Chief Financial Officer
T +61 2 9270 6152 | E
Media Contact:
Justin Kirkwood
T +61 2 9231 5600 | M +61 411 251 324 | E