Tiptree Trades CareIT, Takes Invesque Stake

Harbor at Harmony Crossing in Eatonton, GA, now part of the Invesque portfolio.

NEW YORK CITY—Closing the circle on an ownership story that began in 2010, Tiptree Inc. has traded its Care Investment Trust LLC (CareIT) subsidiary to Invesque Inc. Valued at $425 million, the sale involves the issuance of approximately 16.6 million shares of Invesque stock at $9.75 per share, along with the assumption of $260.7 million of mortgage debt. Tiptree and Invesque first announced the transaction this past November.

The stock issuance gives Tiptree a stake of about 34% in Carmel, IN-based Invesque, formerly known as Mainstreet Health Investments prior to the deal to acquire the CareIT platform. Tiptree may increase or decrease its Invesque interest over time, the company said Thursday.