WHEATFIELD, N.Y. — Invesque Inc. (TSX: IVQ) has sold $113 million of non-core assets, including its interests in two Calamar-branded active adult communities in Wheatfield, a northern suburb of Buffalo.
Inclusive of previously announced dispositions, Invesque has sold $292 million of assets over the last 12 months as part of its portfolio simplification strategy.
The Calamar communities were acquired in 2018 as part of the acquisition of Care Investment Trust and were managed by Calamar under a joint-venture structure.
“We have been very active over the past year executing on our strategy to simplify our story, simplify our portfolio and simplify our balance sheet,” says Scott White, chairman and CEO of Invesque. “The recently closed transactions allow us to continue de-levering and simplifying the balance sheet and further positions the Invesque portfolio toward being predominantly private-pay seniors housing.”
Following the completion of these transactions, the Company’s portfolio consists of 83 properties with approximately 5,700 units, 7,800 beds, and 190,000 square feet of medical office buildings across 18 states and one Canadian province.