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Invesque closes acquisition of $425M real estate portfolio

Invesque Inc., formerly known as Mainstreet Health Investments, closed on its buyout of Care Investment Trust LLC from Tiptree Inc. for US$425 million, subject to adjustments.

The healthcare-focused real estate company assumed roughly US$260.7 million of property-level debt and issued 16,647,236 common shares at US$9.75 apiece to finance the purchase.

The Tiptree subsidiary owns a portfolio of 42 seniors housing and care properties across the U.S. With the acquisition, Invesque said it expanded its portfolio to 84 properties with more than 8,800 beds across 19 states and one Canadian province.

Tiptree's gain on the sale was roughly 98 cents per share and the company anticipates further accretion in future quarters, upon the expiration of lock-up restrictions.