Invesque Acquires 70-Bed Skilled Nursing Facility in Texas for $22.8M

by Jeff Shaw

ROUND ROCK, Texas — Invesque Inc. (TSX: HLP.U) has acquired Rapid Recovery Center of Texas, a 70-bed skilled nursing facility in the Austin suburb of Round Rock, for $22.8 million.

The facility was recently opened. The seller was Mainstreet Property Group. Invesque funded the transaction through a combination of the assumption of debt and cash on hand.

The existing operator, Rapid Recovery Center of Texas, will continue to manage the facility under a long-term, triple-net lease. It is the first partnership between Invesque and the operator.

Invesque Inc. is an Indiana-based seniors housing owner and developer formerly known as Mainstreet Health Investments that trades on the Toronto Stock Exchange. Earlier this week the company completed its $425 million acquisition of Care Investment Trust.

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