The Canadian investment fund, which bought Aveo for $1.27 billion in August 2019, has announced a significant expansion in the asset management sector, alongside robust financial results for the first quarter of 2024.
“We are off to a strong start in 2024 and are seeing accelerating momentum across our business as transaction activity picks up. We raised C$20 billion of capital during the first quarter (C$10 billion since our last earnings release), and with more than $100 billion of dry powder to invest, both the diversity of our business mix and our global footprint mean that we remain very well-positioned to capture investment opportunities,” said Connor Teskey, President of Brookfield Asset Management.
Brookfield secured a $1.45 billion refinancing of Aveo in July last year, with banks ANZ, Barclays, Malaysia’s MayBank, National Australia Bank and Westpac underwriting the debt funded by 16 lenders.
The new four-year facility came as Aveo hit industry-leading record unit sales in the past two years at 1,250 units in 2021 and 1,504 in 2022. The existing debt was due to mature in November 2024.
Aveo announced on 22 April it was to sell off its retirement villages in South Australia and Tasmania.
