Mulpha’s associate Aveo buys 15 retirement communities

Mulpha International Bhd which is a shareholder in FKP Property Group which owns and operates retirement villages in Australia and New Zealand

KUALA LUMPUR: Mulpha International Bhd’s associate company, Australia-listed retirement community operator Aveo Group Ltd, has acquired 15 retirement communities in Australia, comprising more than 1,000 units, for A$215.5mil (RM643.69mil) plus acquisition costs.

Mulpha, which owns about 24% in Aveo based on Bloomberg data, said in a statement Aveo Group had acquired 100% of Freedom Aged Care Pty Ltd, which owns the communities.

Freedom Aged Care is also developing 533 units, of whuch 146 will be located at a new village in Queensland.

Aveo is Australia’s leading owner, operator and manager of retirement communities -- 89 retirement villages with a population of 13,000 residents. It manages and develops a diversified A$456mil (RM1.36bil) property portfolio.

Mulpha International Bhd executive chairman Lee Seng Huang said: “Post-acquisition of Freedom and with the rollout of our existing development pipeline, Aveo will be operating 95 retirement communities with over 17,000 homes for elderly Australians, making us the largest owner and operator of retirement communities in Australia.”

Mulpha is Malaysia’s largest real estate investor and developer in Australia. Its assets there include Sanctuary Cove, the Norwest Business Park Sydney, and the ultra-luxury private island One&Only Hayman Great Barrier Reef.

Mulpha shares closed unchanged at 29.5 sen on Thursday, with 16.58 million shares changing hands.