Business
Invesque Continues Strategic Initiative to Streamline and Strengthen Portfolio via Disposition of Approximately US$75 Million of Assets
Invesque Continues Strategic Initiative to Streamline and Strengthen Portfolio via Dispos...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Continues Strategic Initiative to Streamline and Strengthen Portfolio via Disposition of Approximately US$75 Million of Assets\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 April 4, 2022\n \n \n /CNW/ -  Invesque Inc. (TSX: IVQ.U) (TSX: IVQ) (the \"Company\" or \"Invesque\") today announced the closing of three separate sales transactions totaling approximately\n \n US$75 million\n \n that occurred in late March and early April.\n \n \n On\n \n March 31, 2022\n \n , the Company closed on the sale of a vacant community in\n \n Port Royal, South Carolina\n \n .\n \n \n \n The standalone memory care community was previously managed by Phoenix Senior Living and will be repurposed for an alternate use by its new owner.\n \n \n The gross sale price of\n \n US$3.5 million\n \n generated proceeds which were used entirely to pay down debt.\n \n \n \n On\n \n April 1, 2022\n \n , Invesque closed on the sale of two seniors housing communities with 99 units in\n \n New York\n \n .\n \n \n \n The assets were previously subject to an absolute triple-net master lease with Premier Senior Living, which was terminated in\n \n October 2021\n \n , and subsequently managed by affiliates of Hearth Management.\n \n \n The gross sale price of\n \n US$19.2 million\n \n generated proceeds which were used entirely to pay down the Company's corporate credit facility and further de-lever the balance sheet.\n \n \n \n On\n \n April 1, 2022\n \n , the Company also closed on the sale of four transitional care skilled nursing facilities comprised of 339 beds in\n \n Texas\n \n previously managed by Bridgemoor Transitional Care (\"Bridgemoor\").\n \n \n \n The four facilities were operated by Bridgemoor pursuant to an absolute triple-net master lease through the closing of the sale.\n \n \n The Bridgemoor portfolio was owned in a joint venture in which the Company holds an approximate 66% ownership interest.\n \n \n The gross sale price of approximately\n \n US$52 million\n \n generated proceeds whi...