Carmel-based Invesque Inc. has announced a $142 million acquisition. The Real Estate Investment Trust, which used to be known as Mainstreet Health Investments, says the deal for Mohawk Medical Operating Partnership (I) LP involves 14 medical office buildings in the U.S. and Canada. Mohawk REIT is based in Toronto and Invesque, which is traded on the Toronto Stock Exchange under the symbol "IVQ.U," says Mohawk Realty Advisors Ltd. and its affiliates will remain manager for the properties.
Invesque Chief Investment Officer Adlai Chester calls Mohawk founder and principals Sean Nakamoto and Andrew Shapack "pioneers in the Canadian medical office space." Chester adds "we are pleased to establish this partnership, expand the initial portfolio through future acquisitions, and continue to create shareholder value. We believe the Mohawk team has the expertise to drive continued performance at the Properties as well as find and implement attractive opportunities going forward."
The agreement also includes the opportunity for Invesque to acquire similar buildings sourced by Mohawk. Mohawk’s existing portfolio includes over 545,000 square feet in Ontario, New York and Florida. It is considered one of the largest medical office property portfolios in Canada.
When the acquisition is complete, Invesque’s portfolio will rise to 103 properties. The deal still requires approval of Mohawk REIT shareholders and some regulatory approval. You can connect to more about the acquisition by clicking here.