Brookfield to sell Australian senior housing platform Aveo for $2.5 billion
June 26 (Reuters) - Brookfield Asset Management (BAM.TO), opens new tab 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, Brookfield simplified the platform's customer contracts and invested more than A$500 million across the business.
"Given the favourable market dynamics that underpin the continued growth of the living sector, we will look to invest further capital in living across Asia Pacific," Lowell Baron, Brookfield Real Estate CEO, said in a statement.
($1 = 1.5330 Australian dollars)
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