Aveo Group
Aveo Group Ltd Pty is Australia’s leading retirement living provider...[1][2]. With 90 villages across Queensland, New South Wales, Victoria, South Australia and Tasmania, including freehold apartments and villas, Aveo provides four levels of living and care to its residents and respite patients[3].
History[edit]
What is now known as Aveo Group Pty Ltd is an amalgamation of re-branded companies. Starting out as FKP Ltd, the company evolved into Aveo Retirement Living[4], and now to Aveo Group[5].
FKP[edit]
Property and investment group FKP Ltd was formed from Peter Kurts Properties and Forrester Parker Group, in 1987[6]. In 1993 the company was listed on the Australian Securities Exchange (ASX) and soon held a position in the ASX Top 200[7].
FKP was involved in property development and construction (including refurbishment) and various investment sectors, as well as holding a portfolio of residential communities and commercial and industrial projects, funds management, and retirement village ownership and management[8]. It's lasting division, which is the founding base of the modern Aveo Group, was it's retirement division – Australian Retirement Homes[6]. This division was the base of what is now Aveo Group, and held 23 retirement villages, accommodating and managing over 3,600 residents[6].
Forest Place Group Limited acquisition[edit]
7 November 2003 marked the first acquisition made by FKP. In an attempt to grow its successful retirement division (Australian Retirement Homes) FKP sought, and won, an off market takeover bid for Forest Place Group Limited. This acquisition included Forest Place's portfolio as the provider and manager of retirement village care and accommodation in South East Queensland, with major assets including retirement villages at Taringa, Albany Creek and Durack and interests in retirement villages at Cleveland and Clayfield, and bringing over 1,000 retired residents into the fold[9].This acquisition also threw into light a new strategic relationship between the new FKP, and Mulpha Norwest, a segment of international group Mulpha, who specialise in site assessment and Acquisition, Design and Planning approval, Construction Management, Project Finance, Financial Reporting, Marketing Management and Sales Delivery[10]
Re-branding of FKP to Aveo Group[edit]
In 2003, Mr Peter Brown's was announced as the company's new CEO[11], and he succeeded the company's retiring Managing Director, Mr Rod Forrester[12]. A decade later, in November 2013, it was announced by FKP's chairman, Seng Huang Lee that a re-branding was to be part of a new, simplified, retirement-only company named Aveo Group[4]. This strategy, although announced in 2013, only took effect in 2014[4].
RVG and international growth[edit]
The 2005 financial year brought with it the formation of Retirement Villages New Zealand (RVNZ), a joint venture partner Macquarie Bank Ltd[13]. RVNZ acquired a majority stake (approximately 82%) in Metlifecare Ltd, New Zealand's leading retirement village owner and operator with 13 retirement villages concentrated in and around Auckland, as well as Private Life Care, a New Zealand operation with 3 villages spread across Auckland[13]. In the same movement, FKP Property Group (FKP) and Macquarie Group Limited (Macquarie) announced the establishment of the $850AUD million Retirement Villages Group fund (RVG) in November 2007[13]. RVG, an unlisted investment fund, is the second largest retirement village owner in Australia and New Zealand, and is jointly managed by a specialist management company owned by FKP - the Aveo Live Well brand[13]. RVG owns 36 mature villages with over 4,400 units under management, and a pipeline of over 550 units to be developed over the next five years[14]. In December 2011, Aveo became the sole manager of the RVG company[15].
Freedom Aged Care acquisition[edit]
In February 2016, Aveo Group made a $215 million acquisition in the Freedom Aged Care portfolio, adding more than 1000 units in 15 communities to the Aveo portfolio[16]
Acquisitions[edit]
Below is a summarised table of Aveo Group's acquisitions :
| Date | Acquisition |
| 1987 | FKP formed |
| 2003 | Forest Place Group Ltd |
| 2005 | NRC and Retirement Villages New Zealand |
| 2007 | Retirement Villages Group |
| 2016 | Freedom Aged Care |
Non-retirement assets[edit]
Although a retirement-only strategy was announced, the Aveo Group maintain assets in the commercial retail, residential and industrial industries[17].
Both of Aveo's developments Gasworks, in Queensland's Tenneriffe, and The Milton, in Queensland's Milton, stock retail tenancies, while Gasworks also holds office tenancies, and The Milton holds residential tenancies[18][17].
Aveo also encompass commercial land sales in sites in Queensland and Victoria. In Queensland, these sites include The Rochedale Estates[19], Ridges and Peregian Springs[20], while Shearwater on the Island[21] and Saltwater Coast[22] make up the Victorian portfolio.
Public listing[edit]
Aveo Group Pty Ltd appears as a publically listed company on the Australian Stock Exchange with the ASX code AOG[23]
References[edit]
- ↑ "Best Practice Retirement Village Contracts". www.seniorshousingonline.com.au. Retrieved 2017-04-03.
- ↑ "Aveo completes acquisition of RVG". Financial Review. 2016-08-17. Retrieved 2017-04-03.
- ↑ "4 Retirement Living Stocks Benefiting from Long Term Trends - www.thebull.com.au". www.thebull.com.au. Retrieved 2017-04-03.
- ↑ 4.0 4.1 4.2 Cummins, Carolyn (2013-11-01). "FKP going in a new direction". The Sydney Morning Herald. Retrieved 2017-04-03.
- ↑ Cummins, Carolyn (2014-08-22). "Retirement strategy pays off for Aveo as profit lifts 7 per cent". The Sydney Morning Herald. Retrieved 2017-04-03.
- ↑ 6.0 6.1 6.2 "FKP Ltd | Construction In Focus Magazine". www.constructioninfocus.com.au. Retrieved 2017-04-03.
- ↑ "Construction In Focus August 2012". www.constructioninfocus.com.au. Retrieved 2017-04-03.
- ↑ "Construction In Focus August 2012". www.constructioninfocus.com.au. Retrieved 2017-04-03.
- ↑ "Aveo Healthcare Limited: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-04-03.
- ↑ "AVEO LAND ACQUISITION WORTH $380M". Business News Australia. Retrieved 2017-04-03.
- ↑ "Funds add up the water damage". 2011-01-19. Retrieved 2017-04-03.
- ↑ "End of an era as FKP boss moves on". Sunshine Coast Daily. Retrieved 2017-04-03.
- ↑ 13.0 13.1 13.2 13.3 "FKP and Macquarie announce successful establishment of the Retirement Villages Group Unlisted Managed Fund" (PDF). ASX Media Releases. 3/4/17. Check date values in:
|date=(help) - ↑ "Subscribe | theaustralian". www.theaustralian.com.au. Retrieved 2017-04-03.
- ↑ "Subscribe | theaustralian". www.theaustralian.com.au. Retrieved 2017-04-03.
- ↑ "Aveo boosts reach with $300m Freedom Aged Care portfolio". www.theaustralian.com.au. Retrieved 2017-04-10.
- ↑ 17.0 17.1 "Retirement operator Aveo reveals plans for silver lining at Gasworks". www.couriermail.com.au. Retrieved 2017-04-10.
- ↑ "$210 million Milton development almost sold out as completion approaches". NewsComAu. Retrieved 2017-04-10.
- ↑ "New Stage Launched At $380 Million Rochedale Estates - TheUrbanDeveloper.com". TheUrbanDeveloper.com. 2015-11-24. Retrieved 2017-04-10.
- ↑ "2014 June - Coolum Ridges - AVEO". www.hallcontracting.com.au. Retrieved 2017-04-10.
- ↑ "FKP TAKES PROPERTY WRITE DOWN". Business News Australia. Retrieved 2017-04-10.
- ↑ "Big guns chasing Aveo's Saltwater Coast Estate". Financial Review. 2014-07-16. Retrieved 2017-04-10.
- ↑ "Home - Australian Securities Exchange - ASX". www.asx.com.au. Retrieved 2017-04-10.
This article "Aveo Group" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Aveo Group. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
|
This page exists already on Wikipedia. |
