Street Talk

Scape buys Aveo for $3.85b in biggest direct real estate deal

Sarah Thompson, Kanika Sood and Emma Rapaport

Jun 24, 2025 – 4.04pm

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Craig Carracher and Stephen Gaitanos’ Scape will buy Brookfield-owned retirement-living operator Aveo, in a company-transformational deal marking one of Australia’s largest direct real estate transactions.

Street Talk can reveal Scape and co-investor South Korea’s National Pension Service have agreed to pay $3.85 billion on an enterprise valuation basis. As part of the deal, Scape will bring all its assets – including student living, build-to-rent and retirement living – under the combined brand The Living Company.

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.