Invesque Inc. Completes US$425 Million Acquisition of 42 US Property Portfolio and Gains New Strategic Investor
|Areas||Banking and Finance Law, Commercial Real Estate, Corporate and Commercial, Health Care Law, Litigation, Mergers and Acquisitions, REITs and Income Securities, Tax|
Goodmans represented Invesque Inc. (TSX: HLP.U) in its acquisition of Care Investment Trust LLC ("CareIT") from Tiptree Inc. (NASDAQ:TIPT) ("Tiptree") which closed on February 1, 2018.
The aggregate purchase price for the acquisition was US$425 million, subject to adjustments, which included the assumption of approximately US$260.7 million of property-level indebtedness, and the issuance of 16,647,236 common shares at a fixed issuance price of US$9.75 per common share to Tiptree.
CareIT owned a portfolio of 42 seniors housing and care properties comprising 3,718 suites/beds in attractive and growing markets throughout the Eastern and Southern United States (the "Portfolio"). The Portfolio consisted of 24 properties leased to operators under long-term triple-net leases and 18 operating properties in joint venture arrangements with seniors housing operators in which Invesque will own the majority of the real estate and the operations. On closing, Tiptree became Invesque’s largest shareholder with an ownership interest of approximately 34%. Mainstreet changed its operating name to Invesque Inc. effective January 3, 2018.