Retirement community developer Aveo Group
(ASX:AOG) has increased its holding in the Retirement Villages Group to 38.7 per cent for $55.8 million.
The company says RVG is made up of 29 retirement villages in Melbourne and Sydney with 3,436 living units and apartments.
Aveo boosted its stake for 24.75c per security which is a 12 per cent discount to the RVG’s net assets (NTA) in December last year.
The $55.8 million transaction comprised $10.9 million in cash and $44.9 million in Aveo shares.
CEO Geoff Grady says the move is consistent with the company’s efforts to expand its retirement footprint across Australia.
Aveo reported a net profit of $30.9 million in the first half of the 2015 financial year.
