Mulpha-linked Aveo Group to be sold in Australia, reports say

• Scape, which mainly owns and operates student accommodation in Australia, and co-investor South Korea’s National Pension Service have agreed to pay A$3.85 billion (RM10.60 billion) on an enterprise valuation basis, the Australian Financial Review reported on its website.

KUALA LUMPUR (June 25): Aveo Group, an Australian retirement-living operator in which Mulpha International Bhd (KL:MULPHA) has an indirect 15% stake, will be sold to another firm Down Under, according to news reports.

Scape, which mainly owns and operates student accommodation in Australia, and co-investor South Korea’s National Pension Service have agreed to pay A$3.85 billion (RM10.60 billion) on an enterprise valuation basis, the Australian Financial Review reported on its website.

As part of the deal with the seller from Brookfield Financial Properties LP, Scape will bring all its assets—including student living, build-to-rent and retirement living—under the combined brand The Living Company, the news site said.

Aveo currently operates more than 10,000 units across 65 villages and has more than 3,000 units in its development pipeline.

Scape, advised by Deutsche Bank and Macquarie Capital, entered into exclusive talks with Brookfield in April to buy Aveo, according to an earlier report by The Australian. Other bidders include Singapore’s sovereign wealth fund GIC and real estate firms Charter Hall and Oxford Properties.

Mulpha had earlier confirmed to The Edge that Brookfield is running a sale process.

“Our interests are minority, and our rights are governed by the scheme documents accepted at that time in 2019,” Mulpha general manager Marc Lee said earlier this month.

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