In November 2007 the grandfather of the modern retirement village industry, Melbournes Mr. Zig Inge, sold his 17 villages and 8 development sites at the top of the market for $641 million to Macquarie Banks Retirement Villages Group (part owned by FKP/Aveo). Because of the sale he cant build villages for some time (he is also in his late 70s) so now his group has purchased for $15m the famous Baillieu mansion in Toorak for a residential development.
Exclusive: Aveo to sell off its retirement villages in South Australia and Tasmania
Tony Randello, CEO of the nation’s leading retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania “aligns with Aveo’s regular strategic review of opportunities across its portfolio”. The...