Invesque Inc. (Invesque) has announced plans to acquire Commonwealth Senior Living (Commonwealth) and 20 private pay senior living communities comprising 1,440 units with 1,716 beds for a purchase price of US$340.4 million.
“We are thrilled to partner with Commonwealth and acquire this attractive portfolio of seniors housing properties,” said Scott White, Chairman of the Board of Directors and CEO of Invesque in the press release.
“We have long believed alignment is the key to a successful partnership, and the Commonwealth acquisition allows us to vertically integrate with a leading regional operator. Furthermore, this transaction positions our portfolio well as we continue our focus on creating a diversified healthcare real estate company. Following this acquisition, we will have a larger and stronger platform to finance growth and take advantage of market fragmentation in the healthcare industry to create value for our shareholders.”
Upon the closing Invesque will have over US$1.8 billion of asset value with 122 properties and 10,844 beds strategically located in growing markets across 20 U.S. states and two Canadian provinces.
The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of 2019. Commonwealth’s senior management team will continue to manage and operate the portfolio.
