Last Thursday Stockland commenced selling its 14.3% stake in FKPs Aveo retirement business. Stockland netted approximately $13 million by selling just under 3% given its subscription agreement to sell no more than 3% in any one month. It received $1.50 per share. Stockland purchased its strategic holding in 2008/9 with the unfolding of the GFC, obtaining a first option to purchase the Aveo business from FKP, a strategy now abandoned by its recently appointed Group CEO. The shares were then trading at around $4.00. FKP has announced it is moving from being a diversified property group to a pure play in retirement and care operator with a name change to Aveo Group.
ATO plans to charge GST on manufactured home parks scrapped
A concerted effort by the Residents Association of manufactured home parks has headed off the ATO which had planned to impose GST in mobile homes. This would have added 10% to the cost of the purchase of a home