Sienna Senior Living expands Ontario retirement portfolio and entry into Saskatchewan retirement market
On May 17, 2022, Sienna Senior Living Inc. ("Sienna") announced that it finalized its previously announced acquisition of a 50% ownership interest in a portfolio of 11 seniors’ living assets in Ontario and Saskatchewan consisting of 1,048 high-quality, private-pay suites. Sienna acquired the portfolio from Extendicare Inc. (“Extendicare”) in partnership with Sabra Health Care REIT, Inc. (“Sabra”), who acquired the other 50% interest, with Sienna as the manager of the portfolio.
With an average age of six (6) years, the portfolio consists of seven (7) properties in Ontario and four (4) in Saskatchewan with a combined total of 840 independent living suites, 51 private-pay assisted living suites and 157 memory care suites, offering residents opportunities to age in-place.
The purchase price was settled in cash of C$254.1 million and assumption of mortgages by Sienna-Sabra LP of C$53.4 million on certain retirement communities. Sienna's share of the purchase price was C$153.75 million. The acquisition and related transaction costs were financed through a combination of: (i) C$150 million acquisition term loan Sienna expects to refinance post-closing; (ii) proceeds from a previously announced sale of Rideau Retirement Residence and Camilla Care Community; and (iii) draws on the company's existing credit facilities.
Further information can be found on Globe Newswire’s website.
Sienna offers a full range of seniors' living options, including independent living, assisted living, long-term care, and specialized programs and services.
Sabra operates as a self-administered, self-managed real estate investment trust that, through its subsidiaries, owns and invests in real estate serving the healthcare industry throughout the United States and Canada.
Extendicare is a leading provider of care and services for seniors across Canada, currently operating under the Extendicare, Esprit Lifestyle, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands.