TORONTO, Feb. 1, 2018 /CNW/ - Invesque Inc. (TSX: HLP.U) (the "Company") announced today the completion of the previously announced acquisition of Care Investment Trust, LLC ("Care") from Tiptree Inc. (NASDAQ:TIPT) ("Tiptree").
The completion of the transformative acquisition improves diversification, increases exposure to the private pay sector, and enhances the scale of the portfolio and investment platform. Invesque has grown its portfolio to 84 properties with over 8,800 beds across 19 states and one Canadian province.
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.
"This is a milestone transaction for Invesque and Tiptree," said Scott White, Chief Executive Officer of Invesque. "Our combined platform helps establish us as a leading health care real estate company and positions us for the next phase of growth."
Michael Barnes, Tiptree Executive Chairman stated, "We've executed a fantastic deal for the shareholders of both companies. We are excited to forge a new partnership with the Invesque team and continue to create value."
Invesque Inc. is a North American health care real estate company with a growing portfolio of high quality properties located in the United States and Canada and operated by best-in-class senior living and care operators primarily under long-term leases and joint ventures. Invesque's mission is to create long-term shareholder value while providing an investment opportunity that matters. For more information, visit www.invesque.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This press release contains forward-looking information that reflects the current expectations of management about the future results and opportunities for the Company. Forward-looking statements generally can be identified by words such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", "project", or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect the Company's current beliefs and are based on information currently available to management. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Invesque Inc.