Global asset manager Brookfield has sold Aveo, marking the largest-ever direct real estate transaction in Australian history and signalling increased investor confidence in the retirement living industry.
Leading retirement operator Aveo operates more than 10,000 independent living units (ILUs) in high-demand locations across the eastern seaboard. Under Brookfield’s ownership since 2019, Aveo has undergone a significant transformation – lifting occupancy, resident satisfaction, and operational standards.
Scape – Australia’s biggest purpose-built student accommodation owner and operator – is behind the purchase and has established a new brand that will hold and operate its ‘living’ assets, called The Living Company.
Speaking at the 2025 Mingtiandi Singapore Forum in May, Scape co-founder and Managing Director Stephen Gaitanos said their strategic focus has been to acquire “the best team with the best assets” when entering a new market.
“Aveo is a fantastic business, run by a fantastic management team,” Mr Gaitanos said, referencing Aveo CEO and industry leader Tony Randello.
The Retirement Living Council (RLC) has welcomed the historic sale in a landmark $3.85 billion deal that confirms growing investor confidence in the sector.
RLC Executive Director Daniel Gannon said the scale and value of the transaction highlight the strong fundamentals driving the retirement living sector.
“This is a clear sign that investor confidence in retirement living has never been stronger, underlining an industry that is in great shape,” Mr Gannon said.
“Australia’s rapidly ageing population, growing demand for high-quality, low-maintenance housing, and the increasing desire for care and wellbeing services at home are all fuelling significant long-term growth in the sector.
“We’ve said in recent years that retirement living is no longer a niche real estate play – it’s an essential, high-performing housing solution that supports healthy ageing, personal independence and connected communities.”
Mr Gannon said the sector’s resilience and success stem from its responsiveness to changing consumer expectations and its focus on delivering real value.
“Older Australians are telling us they want more than just a roof over their head – they want lifestyle, community, affordability, and peace of mind as they age in place,” he said.
“Operators are committed to higher levels of resident satisfaction, increased investment in quality infrastructure, and deepening trust through better customer service. This approach has become the standard.
“In recent times we have proactively worked with governments to ensure that contracts are simpler, more transparent and contain more certainty for residents. While this journey isn’t complete, the results speak for themselves.”
Along with other operator companies, Aveo has played a leading role in raising standards across the sector, including through its work as a Retirement Living Code of Conduct signatory – an industry-wide commitment to accountability, transparency, and resident-first principles.
“The 105 operators who are Code subscribers, including Aveo, have led the way by reimagining retirement villages as vibrant, service-rich communities that offer higher standards. Since May last year, code signatories have grown by almost 20 per cent, reflecting renewed interest in doing things better,” Mr Gannon added.
“But this isn’t a time for complacency. Given that only 40 per cent of ILUs around Australia are code compliant, there’s still much work to do. We need to keep striving for higher standards, including more operators becoming code signatories. If you’re not a signatory, we want to hear from you.
“The future of retirement living in Australia is bright, necessary, and full of opportunity – but only if we continue to meet consumer expectations and raise standards together.”
Brookfield Real Estate CEO, Lowell Baron, said: “The living sector is and has been a top segment for our global real estate strategy for more than a decade.
“Aveo is a prime example of the operations-led turnaround investing that we excel at. Working with the Aveo team we leveraged our operating expertise to significantly transform the business, improving the resident experience and creating vibrant communities, all of which have led to record sales and occupancy levels.
“Given the favourable market dynamics that underpin the continued growth of the living sector, we will look to invest further capital in living across Asia Pacific,” he said.