Mainstreet Health Investments, a healthcare real estate company, has entered into definitive agreements with Tiptree Inc. and certain subsidiaries to acquire Care Investment Trust for $425 million.
CareIT owns a portfolio of 42 seniors housing and care properties comprising 3,718 suites/beds in attractive markets across the United States. The portfolio is comprised of 35 independent living, assisted living and memory care properties and seven skilled nursing facilities located in growing markets across 11 states.
The portfolio is expected to add eight new states to Mainstreet’s existing platform and strengthens its presence in three states in which it currently owns properties. The portfolio consists of 24 properties leased to operators under long-term triple-net leases and 18 operating properties in joint venture arrangements with seniors housing operators in which Mainstreet will own the majority of the real estate and the operations.
The transaction increases the scale and scope of Mainstreet’s investment platform to comprise 80 properties with 8,536 suites/beds across the United States and Canada, a 2.6-times increase compared to Mainstreet’s initial public offering in June 2016. The company’s pro forma asset value is expected to increase to $1.2 billion.
In additional news, Mainstreet intends to change its operating name to Invesque Inc.
