Invesque Announces US$93 Million Sale of Five Property Portfolio

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[{"type":"text","content":"\n \n \n \n Invesque Announces US$93 Million Sale of Five Property Portfolio\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n Nov. 16, 2021\n \n /CNW/ - Invesque Inc. (the \"\n \n Corporation\n \n \" or \"\n \n Invesque\n \n \") (TSX: IVQ)(TSX: IVQ.U) announced today that it has sold a five-property portfolio to The Ensign Group (\"\n \n Ensign\n \n \"), for a total sale price of\n \n US$93.0 million\n \n (the \"\n \n Transaction\n \n \"). The Transaction included a four-property skilled nursing portfolio with 436 beds operated by Ensign and a 144-bed assisted living community operated by The Pennant Group (\"\n \n Pennant\n \n \") (collectively, the \"\n \n Portfolio\n \n \"). The Portfolio is located in\n \n California\n \n ,\n \n Kansas\n \n , and\n \n Arizona\n \n , and the properties were previously subject to long term triple-net leases.\n \n \n The Portfolio sold to Ensign was part of Invesque's Jaguarundi Ventures, LP joint venture (the \"\n \n Jaguarundi JV\n \n \") between Invesque and Magnetar Capital (\"\n \n Magnetar\n \n \"), of which the Corporation owns an approximately 65% ownership interest.\n \n \n The Portfolio sale price provides Jaguarundi JV with approximately\n \n US$22 million\n \n of net proceeds after the repayment of outstanding debt and transaction costs. The Portfolio sale price represents an attractive capitalization rate of 7.2%.\n \n \n As a result of the Transaction, neither Invesque nor Magnetar has an ongoing ownership interest in the Portfolio. Additionally, Ensign and Pennant no longer operate any communities owned by Invesque.\n \n \n \"This portfolio sale is another step in executing our active portfolio management plan. The strategic disposition, at extremely favorable pricing, will help us strengthen our platform with reduced leverage, increased liquidity and will provide a portion of the paydown of the debenture in January. As part of our portfolio management strategy, we constantly evaluate our portfolio and selectively exit assets to streamline our focus and ...

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