Invesque Inc. Continues MOB Expansion with Follow-on Acquisition of Property in Buffalo, NY
TORONTO, ONTARIO, JULY 10, 2018 – Invesque Inc. (TSX: IVQ.U) (the “Company”) completed its acquisition (“Acquisition”) of a medical office building (“Property”) located in Williamsville, NY, a suburb of Buffalo.
The Company purchased the Property for approximately USD$7.7 million, expanding the Company’s medical office building portfolio to 15 properties spread throughout North America. The Property bolsters a strong occupancy of 93% while adding close to 35,000 rentable square feet to the Company’s portfolio. The Property will be included in the Company’s medical office building portfolio, which is managed by Mohawk Medial Management Corp. as part of the previously announced acquisition of Mohawk Medical Properties REIT.
“This follow-on acquisition demonstrates the strength of our partnership with Mohawk, and our platform as a whole.” stated Scott White, Chief Executive Officer. “We continue to see opportunities in the medical office sector and expect to leverage our platform to execute on those opportunities.”
The acquisition was funded by a combination of cash and a draw on previously established credit facility for the acquisition of Mohawk Medical Properties REIT in May 2018.
The completion of this acquisition expanded the Company’s total portfolio to 104 properties with more than 9,000 beds, and nearly 580,000 square feet of medical office buildings across 19 U.S. states and two Canadian provinces.
Invesque Inc. is a North American healthcare 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. More particularly and without limitation, this press release contains forward looking statements and information concerning the effect of the Acquisition on the Company’s operations and AFFO. 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.
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Chief Investment Officer