TORONTO, Nov. 29, 2017 /CNW/ - Mainstreet Health Investments Inc. (which intends to change its name to Invesque Inc.) (TSX:HLP.U) (the "Company") announced today it has closed the previously announced acquisition of three state-of-the-art post-acute transitional care facilities (collectively, the "Properties") from Mainstreet Property Group, LLC ("MPG") for a price of US$68.0 million.
As part of the transaction, the Company assumed debt of approximately $35.1 million, and retired $4.1 million of mezzanine loans on the projects. The remaining funding was from a combination of cash on hand, and the previously announced sale of the Company's transitional care facility in Wichita, Kansas to MPG for $22.8 million.
"This portfolio exemplifies a key growth strategy, investing in development opportunities to generate a pipeline of complementary acquisitions," said Adlai Chester, the Company's Chief Investment Officer. "Adding new states and operators continues our diversification efforts while providing a foundation for future growth and expansion."
The Company's portfolio has expanded to 40 properties, with close to 5,000 beds across 11 U.S. states and one Canadian province. The facilities located in Missouri and Texas will expand the partnership with Providence Healthcare Group to three properties. The facility located in Nebraska will be the first with Hillcrest Healthcare System.
About Mainstreet Health Investments Inc / Invesque.
Mainstreet Health Investments Inc. / Invesque 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. Its mission is to create long-term shareholder value while providing an investment opportunity that matters. For more information, visit www.invesque.com.
SOURCE Mainstreet Health Investments Inc.