Undervalued Aveo Sells Last Commercial Site for Significant Profit. FVE Increased to AUD 3.25
Aveo Group’s disposal of its last commercial mixed-use site, Gasworks Plaza in Newstead was expected, but the price of AUD 248 million exceeded expectations, generating a post-tax profit of AUD 61 million or AUD 11 cents per security. Our fair value estimate increases to AUD 3.25 from AUD 3.10 to capture accretion from the transaction, noting occupancy costs for the business will increase as Aveo starts paying rent for its corporate head office, which is in the building. At current levels, no-mo...Aveo Group is engaged in the development for resale of land and residential, retail, commercial and industrial property, the investment in, and management of, income producing retail, commercial and industrial Property, commercial, industrial and residential building and construction for the Group, and funds and asset management. As of June 30, 2016, Co. operated in two segments: Retirement, which develops and operates retirement villages and aged care facilities to produce rental and other income; and Non-retirement, which develops residential, commercial and retail property.
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