Aevum sinks $5.75m into River Villages

AEVUM has exchanged contracts to buy two adjoining retirement villages in Perth from the Multiple Sclerosis Society for $5.75 million.

The River Parks and River Pines Retirement Villages are located in Wilson, approximately 9 kilometres from Perth CBD.

The River Villages are mature facilities consisting of 67 Independent Living Units.

The acquisition, Aevum’s fourth since the beginning of May 2007, will be funded through existing cash reserves and a committed debt facility with Westpac and is immediately earnings accretive.

Aevum’s chief executive Simon Owen said the acquisition of the “River Villages” represents a well priced opportunity for Aevum to further strengthen its position in the Western Australian market and obtain a quality facility within the Perth Metropolitan area.

“Aevum already owns three villages in Western Australia, and this acquisition will ensure additional operational efficiencies and an increased presence in the region,” he added.

Aevum will settle the transaction in mid August.

Australian Property Journal