Retirement living operator, Aevum has increased its NSW market lead with the purchase of two retirement villages on the state’s Central Coast.
The two villages are in close proximity, about an hour north of Sydney, and taken together, they contain 166 independent living units operating under the deferred management fee and share of capital growth model.
The acquisition takes the company’s national retirement village portfolio to 21.
Aevum will manage both villages and has signaled that it intends to improve the presentation of the units and carry out redevelopment works.
The Cove has considerable development potential with room for at least 40 more units.
Aevum CEO, Simon Owen said the acquisition will complement its existing Central Coast portfolio as both villages are located near an existing Aevum village in an area with a strong retiree demographic.
“The addition of these two Central Coast villages strengthens our position along the NSW coast,” he said.
“These villages are a perfect complement to our existing portfolio of nineteen villages.”
Aevum is the largest ‘for-profit’ provider of retirement accommodation in NSW and it has a strong market position in Australia’s fastest growing market, Western Australia.
It has an overall development pipeline for an additional 496 units across its existing portfolio with an end value of $200 million.