Forest Place Group is the possible platform for the rationalisation of the Aveo portfolio and this week it was getting its house in order by acquiring the 17.5% it did not own of the Cleveland Syndicate, which in turn owns the 119 ILU Aveo Cleveland.

They paid $2.9M, a discount of 15% on Net Assets Value. This values the village at $19M. It has a development pipeline of a further 28 ILUs and is located to the east of Brisbane.

The Chairman of Forest Place is Peter Brown, the Ex CEO of FKP, who is also a major investor in Forest Place. They state they wish to make more acquisitions.