June 26 (Reuters) - Brookfield Asset Management ( BAM )

will sell its Australian retirement home operator Aveo to The

Living Company for A$3.85 billion ($2.5 billion), the Canadian

company said on Thursday.

Aveo owns a portfolio of more than 10,000 units located

across Queensland, Victoria, New South Wales and Tasmania.

Since acquiring Aveo in 2019, Brookfield simplified the

platform's customer contracts and invested more than A$500

million across the business.

"Given the favourable market dynamics that underpin the

continued growth of the living sector, we will look to invest

further capital in living across Asia Pacific," Lowell Baron,

Brookfield Real Estate CEO, said in a statement.

($1 = 1.5330 Australian dollars)

(Reporting by Himanshi Akhand in Bengaluru; Editing by Mrigank

Dhaniwala)