Invesque on Monday announced the sale of seven skilled nursing facilities in Illinois for $101.3 million. The sale closed on June 1.
The move is In keeping with Fishers, IN-based healthcare real estate company’s previously stated goal of moving its focus away from skilled nursing and to private-pay senior living.
“This transaction marks a pivotal moment in the history of our company,” Chairman and Chief Executive Officer Scott White said Monday in a statement. “The Invesque story started with an emphasis on building a diversified portfolio, including investing in skilled nursing facilities. Our strategy has evolved to focus on private-pay seniors housing, and this transaction represents a substantial leap in that direction.”
The sold properties previously were part of an absolute net lease with Symphony Care Network. Following the June 1 sale, SymCare continues to lease one facility from Invesque, which the company said it expects to sell in the next 30 days.
Following the sale of the eight properties, Invesque will have only nine skilled nursing facilities in its portfolio, White said last month on a call with analysts and investors.
And after this transaction, Invesque will have zero net operating income contributed from SymCare, and the proportion of NOI from skilled nursing facilities will represent approximately 20% of company NOI on a pro forma basis.