Business
Sienna Senior Living Completes Previously Announced Acquisitions in Alberta and British Columbia
MARKHAM, Ontario, April 02, 2025 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (" Sienna " or...
About this update from Sienna Senior Living Inc.
[{"type":"text","content":"Sienna Senior Living Completes Previously Announced Acquisitions in Alberta and British Columbia\n\n\n\n MARKHAM, Ontario, April 02, 2025 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (\"\n \n Sienna\n \n \" or the \"\n \n Company\n \n \") (TSX: SIA) announced today that it has finalized its previously announced acquisition of a portfolio of four continuing care homes in Alberta (\n \n \"Acquisition\"\n \n ), consisting of 540 suites in the Calgary Metropolitan Region, Edmonton, Fort Saskatchewan and Medicine Hat for an aggregate purchase price of $181.6 million.\n \n\n “This acquisition strengthens Sienna’s national presence and further enhances the scale, quality, and geographic diversity of our operations,” said Nitin Jain, President and Chief Executive Officer of Sienna. “We are excited to welcome the residents and team members at our new locations as we continue on our growth path.”\n \n\n Sienna expects the Acquisition to generate an approximate 6.5% investment yield in the first twelve months of operations, with opportunity for additional growth, including synergies from potential further expansion in Western Canada.\n \n\n The Acquisition was financed through the assumption of approximately $150.6 million of CMHC debt with a weighted average interest rate of 4.6% and a remaining average term of approximately 4.3 years. The balance was financed with cash on hand.\n \n\n The Acquisition follows the purchase of the remaining 30% interest in Nicola Lodge in Metro Vancouver on February 28, 2025, increasing Sienna’s ownership in the 256-bed best-in-class long-term care community to 100%. The transaction was financed through the assumption of the remaining share of an in-place mortgage as well as cash on hand.\n \n\n\n\n About Sienna Senior Living\n \n\n\n\n Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors' living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services. Sienna's approximately 13,500 employees are passionate about cultivating happiness in daily life. For more information, please visit www.siennaliving.ca.\n \n\n\n\n Forward-Looking Statements\n \n\n\n\n\n Certain of the statements contained in this news release are forward-looking statements and are p...