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Invesque closes 1st tranche of Commonwealth acquisition

Healthcare real estate company Invesque Inc. closed the acquisition of the initial tranche of its planned acquisition of Commonwealth Senior Living LLC.

It acquired the assisted living company and 17 private-pay senior living communities comprising 1,205 units with 1,469 beds for approximately US$285.4 million.

The company paid the consideration through a combination of new debt worth US$176.0 million, the assumption of existing debt of approximately US$9.5 million, the issuance of approximately US$53.6 million of preferred interests in the acquisition vehicle acquiring the initial tranche, and cash.

The acquisition of the remaining three properties is expected to close in the next 90 days, subject to the approval of certain lenders. Invesque intends to fund the acquisition of the remaining properties through a combination of debt, the issuance of approximately US$11.8 million of preferred interests and cash.

The closing of the initial tranche expanded the company's portfolio to 118 buildings with more than 10,500 beds and approximately 578,000 rentable square feet of medical office space.