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Invesque Inc. Announces Sale of Seven Skilled Nursing Facilities in Illinois Previously Leased by Symphony Care Network
Invesque Inc. Announces Sale of Seven Skilled Nursing Facilities in Illinois Previously Leased by...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Inc. Announces Sale of Seven Skilled Nursing Facilities in Illinois Previously Leased by Symphony Care Network\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 June 5, 2023\n \n \n /CNW/ - Invesque Inc. (TSX: IVQ.U) (TSX: IVQ) (the \"\n \n Company\n \n \" or \"\n \n Invesque\n \n \") today announced the sale of seven skilled nursing facilities in\n \n Illinois\n \n for\n \n US$101.3 million\n \n which closed on\n \n June 1, 2023\n \n (the \"\n \n \n June 1\n \n Sale\n \n \"). These assets were previously part of an absolute net lease with Symphony Care Network (\"\n \n SymCare\n \n \"). Following the\n \n June 1\n \n Sale, SymCare continues to lease one facility from Invesque, which the Company expects to sell in the next 30 days (together with the\n \n June 1\n \n Sale, the \"\n \n Transaction\n \n \").\n \n \n The Company's portfolio of properties leased to SymCare, prior to the sale, was acquired as part of Invesque's initial public offering (\"\n \n IPO\n \n \") in 2016 with subsequent additions in 2019, and the sale of a number of assets in 2021. At the time of the Company's IPO in 2016, SymCare represented approximately 75% of Invesque's net operating income (\"\n \n NOI\n \n \"). The Company has reduced its exposure and concentration to SymCare through strategic acquisitions in recent years. Following this Transaction, Invesque will have zero NOI contributed from SymCare and the proportion of NOI from skilled nursing facilities will represent approximately 20% of Company NOI on a pro forma basis.\n \n \n \"This Transaction marks a pivotal moment in the history of our Company,\" remarked\n \n Scott White\n \n , Chairman and Chief Executive Officer. \"The Invesque story started with an emphasis on building a diversified portfolio including investing in skilled nursing facilities. Our strategy has evolved to focus on private pay seniors housing, and this Transaction represents a substantial leap in that direction.\"\n \n \n \n About Invesque\n \n \n \n The Company is a ...