Street Talk

BAFO alert: One more round for Scape, GIC in $3b Aveo sale

Sarah Thompson, Kanika Sood and Emma Rapaport

Apr 2, 2025 – 7.02pm

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A preferred bidder is set to be anointed at Aveo. Street Talk can reveal Brookfield’s sellside advisers are calling for best-and-final offers (BAFO) for the $3 billion-odd retirement living operator by the end of next week.

It is understood Singaporean sovereign wealth giant GIC and Stephen Gaitanos and Craig Carracher’s fast-growing Scape Australia submitted binding offers last Friday. The bids for Aveo, the country’s second-largest provider behind Lendlease’s Keyton with 6 per cent market share, were said to be close enough in price to warrant a best-and-final stage. Brookfield is expected to release a new process letter as early as Wednesday.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.