Aveo Group has more than doubled its stake in the Retirement Villages Group since first acquiring a 15.4 per cent interest six months ago.
The company, Australia's leading owner, operator and manager of retirement communities, today lifted its stake in RVG to 38.7 per cent after previously increasing it to 23.3 per cent.
Aveo first appeared on the RVG share register last December when it built a position at a price of 24.75c per security.
The transaction is expected to be earnings per security neutral in fiscal 2016.
Aveo chief executive Geoff Grady said RVG was a quality portfolio that the company knows well and to which it has a long-standing commitment.
"Increasing our stake in it is entirely consistent with our strategy to opportunistically expand our total retirement footprint across Australia," he said.
RVG comprises 29 retirement villages across greater Melbourne and Sydney with a total of 3,436 independent living units and serviced apartments.
RVG has no balance sheet debt and $60 million of cash on deposit.