Invesque to Acquire Commonwealth Senior Living for $340.4M

CHARLOTTESVILLE, Va. — Invesque Inc. (TSX: IVQ), an Indiana-based seniors housing owner and developer that trades on the Toronto Stock Exchange, has agreed to acquire Charlottesville-based owner-operator Commonwealth Senior Living.

The price of $340.4 million includes Commonwealth’s portfolio of 20 seniors housing properties totaling 1,440 units on independent living, assisted livng and memory care. The properties are largely located throughout Virginia, with two located in Pennsylvania. Invesque will obtain an exclusive right of first offer on three additional communities that are currently, and will continue to be, managed by Commonwealth post-closing.

With the whole-company acquisition, the deal will also allow Invesque to have an operating platform for private-pay seniors housing. Invesque noted it can possibly expand the Commonwealth platform to other properties it owns.

The properties are an average of 10 years old. 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.

Originally a skilled nursing developer, the deal is part of Invesque’s plans to diversify. The acquisitions will result in 52 percent of Invesque’s portfolio being private-pay seniors housing. Upon closing, Invesque will have over $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.