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Invesque Continues Executing on Strategy of Simplifying the Portfolio by Selling Non-Core Assets via Sale of its Calamar Portfolio and the Majority of its Medical Office Portfolio
Invesque Continues Executing on Strategy of Simplifying the Portfolio by Selling Non-Core...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Continues Executing on Strategy of Simplifying the Portfolio by Selling Non-Core Assets via Sale of its Calamar Portfolio and the Majority of its Medical Office 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 \n TORONTO\n \n \n ,\n \n \n July 28, 2022\n \n \n /CNW/ - Invesque Inc. (TSX: IVQ.U) and (TSX: IVQ) (the \"Company\" or \"Invesque\") today announced the sale of\n \n US$113 million\n \n of non-core assets. Inclusive of previously announced dispositions, the Company has sold\n \n US$292 million\n \n of assets over the last twelve months.\n \n \n On\n \n June 15, 2022\n \n , Invesque closed on the sale of its interests in two 55+ communities in\n \n Wheatfield, New York\n \n .\n \n \n \n The communities were acquired in 2018 as part of the acquisition of Care Investment Trust and were managed by Calamar under a joint venture structure.\n \n \n The implied pricing from the sale transaction was very favorable with an implied price per unit of\n \n US$145 thousand\n \n and an implied cap rate of 5.7% on trailing NOI.\n \n \n The two Calamar communities operate as age restricted apartment complexes and feature substantially less resident and health care services than traditional seniors housing owned by Invesque.\n \n \n The Company received net cash proceeds of\n \n US$10.0 million\n \n at closing and plans to utilize proceeds to continue de-levering and simplifying its balance sheet.\n \n \n \n On\n \n July 26, 2022\n \n , the Company closed on the sale of the University Boulevard medical office building in\n \n Orlando, Florida\n \n for\n \n US$9.85 million\n \n .\n \n \n \n This stand-alone transaction was consummated with the operator of the surgery center that is the largest tenant at the property.\n \n \n The sale price reflected the high quality of the underlying real estate equal to nearly\n \n US$300\n \n per rentable square foot and a cap rate of 7.2% on trailing NOI.\n \n \n \n On\n \n July 28, 2022\n \n , the Company closed on the sale of nine medical office buildings in\n \n Canada...