Invesque Announces Acquisition of Newly Developed Transitional Care Facility
TORONTO, Jan. 11, 2018 /CNW/ - Invesque, Inc. (TSX:HLP.U) (the "Company") announced it acquired a newly constructed, state-of-the-art post-acute transitional care facility (the "Property") located in Lincoln, Nebraska, from Mainstreet Property Group, LLC.
The 72-bed facility was purchased for US$21.6 million, and subject to a long-term triple net lease. The acquisition expands the Company's existing relationship with Hillcrest Healthcare System in Nebraska. The acquisition is expected to be immediately accretive to the Company's Adjusted Funds from Operations.
"Growing with our existing partners is a pillar of our strategy. We are very excited and fortunate to execute on that strategy with a group like Hillcrest," noted Adlai Chester, the Company's Chief Investment Officer.
The Company funded the transaction through a combination of the assumption of debt, the retirement of mezzanine loans on the project, and cash on hand.
Upon closing the transaction, the Company's portfolio expanded to 41 properties with approximately 5,000 beds/units across 12 U.S. states and one Canadian province. The Company previously announced the acquisition of Care Investment Trust LLC, as well as three memory care facilities from Constant Care, which will boost the Company's portfolio to 86 properties and approximately 8,800 beds/units.
About Invesque, Inc.
Invesque is a North American health care real estate company with a growing portfolio of high quality properties located in the United States and Canada and operated by best-in-class senior living and care operators primarily under long-term leases and joint ventures. Further, the Company remains on target to close the previously announced acquisition of Care Investment Trust LLC on or about February 1, 2018. Invesque's mission is to create long-term shareholder value while providing an investment opportunity that matters. For more information, visit www.invesque.com.
This press release contains forward-looking information that reflects the current expectations of management about the future results and opportunities for the Company. Forward-looking statements generally can be identified by words such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", "project", or "continue" or similar expressions suggesting future outcomes or events. More particularly and without limitation, this press release contains forward looking statements and information concerning the completion of the acquisition of the Properties. Such forward-looking statements reflect the Company's current beliefs and are based on information currently available to management. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, the conditions to the acquisition of the Properties not being satisfied or waived. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof and to not use such forward looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Invesque Inc.
For further information: Adlai Chester, Chief Investment Officer, firstname.lastname@example.org; Investor Relations, (317) 582-6971, email@example.com