Australian retirement communities manager Aveo Group has accepted a A$1.27bn (鈧771m) takeover offer from Property Group.

Last month, Aveo confirmed that it had selected Brookfield as its 鈥減referred party鈥 in takeover talks following media speculation.

At the time, Aveo said it continued to negotiate with the Brookfield in respect of 鈥渋ts indicative proposal, with a view to entering into definitive agreements leading to a scheme of arrangement鈥.

Aveo said today that it has unanimously concluded the Brookfield transaction is in the best interests of its security-holders.

By way of a scheme of arrangement, the Canadian investor will offer cash or scrip to buy outstanding Aveo securities at A$2.195 per security.

The cash consideration represents a 28% premium to Aveo鈥檚 last closing security price in mid-February, before it updated the market that it had received a number of bids for its business.

Aveo runs some 90 villages, housing more than 13,000 residents, across Australia.