The acquisition of Villa World and Australian property developer AVID Property Group (AVID) is set to go ahead, with the Scheme of Arrangement gaining Court approval yesterday.
Villa World shareholders voted overwhelmingly in favour of the Scheme of Arrangement (Scheme) on Friday 11 October 2019, securing a 97.96 per cent majority (by votes cast).
AVID CEO Cameron Holt said the acquisition was a strategic move combining two strong performing and complementary businesses.
“The acquisition is a significant step for both companies and we’re excited about merging the two businesses and combining our expertise to continue building communities that leave a positive legacy,” Mr Holt said.
The combined business will have greater scale and diversity in its product offering, with Villa World’s portfolio including medium density living and masterplanned communities.
“The acquisition provides the opportunity to leverage the combined talent and expertise of both businesses, which will create a stronger foundation to deliver on our growth strategy,” Mr Holt said.
“Our joint focus on results, innovation, being customer focused, creating communities and addressing affordable housing in Australia, positions us firmly as a key national industry residential property contributor.
“Right now, the priority is maintaining ‘business as usual’ activity with minimal disruptions to operations, as we learn about both businesses and carry out the integration.”
The move will see AVID increase its portfolio from 10 to 37 projects and more than 12,000 residential lots, securing a gross revenue pipeline of $4.7 billion.
Villa World will officially become part of AVID Property Group Holdings on Wednesday 30 October 2019.