Australia’s retirement community operator and manager Aveo Group has released a statement about media speculaitons regarding takeover by Brookfield Property Group.

Aveo Group has confirmed that Brookfield Property Group, the real estate investment arm of Canada’s Brookfield Asset Management Inc, is the preferred party in Aveo’s Strategic Review process, together with its affiliates and their managed funds (“Brookfield”).

”Aveo continues to negotiate with Brookfield in respect of its Indicative Proposal with a view to entering into definitive agreements leading to a Scheme of Arrangement to give effect to the Indicative Proposal,” the firm said in a statement.

”There continues to be no certainty that it will result in an acceptable offer for Aveo securityholders or that a transaction will be implemented. Aveo will provide a further update on or after 22 July 2019 as foreshadowed previously.”

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