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Invesque Sells Two Properties in Nebraska as it Continues to Deliver on its Strategy to Simplify Portfolio and Reduce Exposure to Skilled Nursing Facilities
Invesque Sells Two Properties in Nebraska as it Continues to Deliver on its Strategy to S...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Sells Two Properties in Nebraska as it Continues to Deliver on its Strategy to Simplify Portfolio and Reduce Exposure to Skilled Nursing Facilities\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 Aug. 30, 2022\n \n \n /CNW/ - Invesque Inc. (TSX: IVQ.U) (TSX: IVQ) (the \"Company\" or \"Invesque\") today announced the sale of two skilled nursing facilities comprised of 148 beds in\n \n Nebraska\n \n for\n \n US$25 million\n \n to the existing tenant and operator, Hillcrest Health Services (\"Hillcrest\").\n \n \n Invesque acquired the facilities in 2017 shortly after they were constructed and leased both assets to Hillcrest, a leading regional skilled nursing operator concentrated in\n \n Nebraska\n \n .\n \n \n \n The sale price of\n \n US$25 million\n \n reflected the high quality of the underlying real estate and represented a price per unit of\n \n US$168 thousand\n \n which compares very favorably to the average price per unit for skilled nursing facilities.\n \n \n Proceeds from the sale were used by the Company to pay down debt associated with its credit facility with Key Bank, continuing its strategy to de-lever and simplify its balance sheet.\n \n \n \n Following the sale, Hillcrest no longer operates any facilities owned by Invesque.\n \n \n \"As mentioned on our second quarter earnings call earlier this month, we are laser-focused on reshaping our portfolio to concentrate our holdings in private pay seniors housing assets. The sale of these two skilled nursing facilities to affiliates of Hillcrest represents another step toward achieving that goal,\" noted\n \n Scott White\n \n , Chairman and CEO of the Company. \"Our team was able to execute on this sale quickly and efficiently given Hillcrest's familiarity with the properties, and we believe the pricing achieved is very favorable for skilled nursing facilities in\n \n Nebraska\n \n . We have enjoyed our relationship with the Hillcrest team, and I wish them continued success in their delivery of exceptional care.\"\n ...