Retirement village operator and aged care provider Aveo Group
(ASX:AOG) is gearing up to ramp up new retirement developments after buying two new retirement sites.
The company will pay $53.6 million for the 14.4 hectares of land at Norwest Business Park in New South Wales and Sanctuary Cove in Queensland.
Aveo Group says the proposal to develop the land into about 740 retirement units and aged care beds will have an end value of $380 million.
The units are expected to be delivered by 2017 and accommodate about 1,000 residents.
CEO Geoff Grady says the company has a range of sites appropriate for new retirement developments.
Aveo Group is targeting to deliver 200 new retirement units annually by 2016 and 500 new retirement units annually by 2018.
Aveo Group reported a net profit of $800,000 in the first half of the 2014 financial year
