Aveo Group (ASX:AOG) is pushing ahead with its transformation to a pure retirement group.
The retirement village operator and aged care provider says it reached practical completion at the Luxe development in Sydney’s Woolloomooloo last month.
The development has an end value of $98 million and Aveo has now received proceeds of $89 million with the last two apartments due to settle next month.
In Brisbane Aveo has sold ‘The Hudson’, Stage 1 of the Albion Mill Village for $7.5 million to boutique property development company Twin Ocean Group.
CEO Geoff Grady says these initiatives will strengthen the company’s financial position and enable it to seek out and capture exciting new retirement development opportunities.
Aveo Group reported a net profit of $800,000 in the first half of the 2014 financial year.
