News: Aveo sells $40M sites in Brisbane

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Aveo Group (ASX:AOG), formally known as FKP Property Group, has sold three residential development sites in Brisbane for $40 million. 

Following the divestment the property investment company will still hold one remaining site at its Gasworks development, which is currently being marketed for sale.   

CEO Geoff Grady says the disposals are in line with Aveo’s strategy of divesting its non-retirement assets as it strives to become a pure retirement group.  

The latest sale brings the value of non-retirement asset sales to $196 million in the current financial year. 

Aveo Group reported a net profit of $800,000 in the first half of the 2014 financial year.