FKP changes its name to Aveo Group, confirming its future ambitions to be the country’s leading integrated village and care operator

Published on

The parent of retirement village operator Aveo is the property group FKP (originally Forrester Kurt Properties), which is a major commercial, residential and retirement village developer with a property book of $1.869 billion. Under the leadership of its new CEO Geoff Grady, it has announced that the group is going to divest itself of its commercial and residential property development activities to concentrate exclusively on retirement villages, plus the addition of care into the villages. Accordingly over the next two years they intend selling off their non-retirement property valued at $790 million. Their Aveo property portfolio is valued at $1.08 billion. They will rebrand the company as Aveo Group (subject to security holder approval). Grady points out the Net Tangible Assets (NTA) per stapled security is $3.54. Today they are trading at $1.47, a discount of 58%. He states the simplified strategy of becoming Australia’s leading pure play retirement group will allow it to deliver the real value of the company to investors.

Share.

About Author

The Weekly SOURCE is the leading media for retirement living and aged care businesses, delivering sector-specific news through four mastheads. Operating as part of The DCM Group, The Weekly SOURCE also provides a directory of proven sector specialists and an insights exchange.