AVID Property Group (AVID) is set to acquire ASX-listed residential developer Villa World Limited (VLW) following receipt of approval from the Supreme Court of New South Wales earlier today.

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).

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.

AVID CEO Cameron Holt said the acquisition – a strategic move combining two strong performing and complementary businesses – would make AVID a significant Australian property player and add to its already diverse mix of developments.

“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 success of this acquisition means we will strengthen our presence in South East Queensland, in particular, with an additional 16 projects – further positioning AVID as a key national residential property industry contributor.”

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 deal 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 contributor.”

Villa World will cease trading on ASX on Wednesday 16 October 2019, with implementation of the Scheme set to occur on Wednesday 30 October 2019.