Aveo Group

Aveo Group is an Australian company, and a leading owner, operator and manager of 94 retirement and aged care communities across Australia. The retirement communities are located in Queensland, New South Wales, SA, Victoria and Tasmania, and as of 2019, Aveo provides senior living choices for over 13,000 residents.

Aveo Group
Private
IndustryRetirement, Aged Care
Founded1970
Headquarters
Brisbane 
Key people
Jeff Kendrew [Interim Chief Executive Officer]
David Hunt [Chief Financial Officer]
ProductsIndependent Living, Assisted Living, Freedom Aged Care, Residential Aged Care and Respite Care.
Number of employees
2450 (April 2020)
Websitewww.aveo.com.au

The head office is located in Sydney, with corporate offices in Brisbane and Melbourne. Aveo is owned by Brookfield Asset Management.[1]

Name

On 1 November 2013 the company name FKP Limited was changed to Aveo Group Limited following shareholder approval.

The trust name, FKP Property Trust, changed to Aveo Group Trust and the responsible entity name, FKP Funds Management Limited, changed to Aveo Funds Management Limited.

History

Aveo Group Limited was formerly known as FKP Limited.

1970, Established under the name of Forrester Parker Group, and later rebranded to FKP Limited, as a residential property investment and land subdivision operation. FKP was one of Australia's leading retirement, property development and diversified investment groups, providing products and services in the retirement, residential and commercial sectors. FKP has grown over the thirty years since it was established to be included in the ASX top 200.

'2013',  FKP Limited announced it had decided to divest its non-retirement assets and focus its operations on retirement activities and aged care.

Nov 2013, The company name FKP Limited was changed to Aveo Group Limited following shareholder approval. For ASX purposes, the name of the group was changed from FKP Property Group to Aveo Group and the effective date of that change is 6 November 2013. On that date, the ASX code was also changed from “FKP” to “AOG”.

April 2015, Aveo launched an industry game-changing financial model, a new member contract for all new residents called The Aveo Way. Australian retirees, the industry and media have long called for the simplification and transparency of contracts in retirement living.

Feb 2016, Aveo acquired entities with an emphasis on care, namely the acquisition of Freedom Aged Care for $315 million, which included 15 aged care communities. In addition, Aveo acquired 50% interest in two Allied Health businesses, The Physio Co and Mobile Rehab, which together employ over 200 health professionals.

Nov 2016, Aveo, under the guidance and approval of Nutrition Professionals Australia, launched ‘Nutrition Select’ the first ready-meal service, specifically prepared to meet the nutritional requirements for those aged over 65 years.

Feb 2017, Aveo launched ‘Select Dining by Aveo’, a central production kitchen and new catering model to service their community dining rooms and restaurants and to ensure compliance across nutritional standards under the guidance of Nutrition Professionals Australia.

April 2017, Aveo started ‘Aveo Connect’ services to educate and support seniors on technology. Services provided include 24/7 emergency call monitoring, phone, internet and home entertainment packages.

Nov 2017, Aveo launched ‘Aveo Care at Home’ a home care business that delivers care to residents in their own homes. Aveo is a provider of Commonwealth funded Home Care under the Home Care Packages Program. In 2018 Aveo delivered 900,000+ hours of care.

'FY 2018' was a milestone year for Aveo Group as it marked the commencement to transform from a diversified property group to a pure retirement group.

Nov 2019 Shareholders approve takeover offer by Brookfield Asset Management Inc.[2] and Aveo is delisted from the ASX[3].

Products

Aveo Groups’ product and service brands include:
- Aveo Live Well
- Aveo Assisted Living
- Redefining Retirement
- Aveo Retirement Living
- Nutrition Select
- Select Dining by Aveo
- Aveo Care at Home
- Aveo Connect

Awards

Brisbane's first integrated retirement living community, Aveo Newstead, won the Design Excellence Award 2018 - Property Council's Retirement Living Awards. [4]

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References
  1. "Aveo acceptr $1.3b Brookfield bid". August 14, 2019.
  2. Bleby, Michael (6 November 2019). "Financial Review". Cite journal requires |journal= (help)
  3. https://www.smh.com.au/business/companies/aveo-set-to-exit-asx-after-investors-endorse-1-27b-brookfield-bid-20191106-p53817.html. Missing or empty |title= (help)
  4. https://www.propertycouncil.com.au/Web/Content/News/National/2018/National_Retirement_Living_Awards_2018.aspx. Missing or empty |title= (help)
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