MARKHAM, Ontario, June 23, 2025 (GLOBE NEWSWIRE) — Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) announced today that it has entered into a purchase agreement to acquire Credit River Retirement Residence, a 133-suite retirement residence consisting of 84 independent living (IL), 25 assisted living (AL), and 24 memory care (MC) units in Streetsville, Ontario (“Acquisition”), located within the Greater Toronto Area (“GTA”).
Built in 2016, the six-storey Class A property offers attractive amenities, including excellent health & fitness facilities, a movie theatre, multiple dining rooms and an outdoor terrace. With a current occupancy rate of 90%, we expect to achieve stabilized occupancy of 95% in this primary market within the first year of operations after closing of the transaction.
The gross purchase price for the acquisition, which will be completed at a significant discount to replacement cost, is $60.2 million with an initial investment yield of 5.75%. Sienna further believes it will benefit from synergies with numerous properties owned by the Company in the GTA.
“We are excited to continue our platform expansion in one of the most sought-after markets in Canada by adding this high quality property in an exceptional location within the GTA to our asset base,” said Nitin Jain, President and Chief Executive Officer. “Given Sienna’s substantial presence in the region, we expect meaningful synergies and minimal incremental G&A costs, making it an ideal strategic fit for our growing platform.”
Sienna intends to finance the full purchase price with its credit facilities and expects the transaction to be immediately accretive to the Company’s AFFO per share. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close within 60 days.
About Sienna Senior Living
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 14,500 employees are passionate about cultivating happiness in daily life. For more information, please visit www.siennaliving.ca.
Forward-Looking Statements
Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate,” “continue,” “could,” “expect,” “may,” “will,” “estimate,” “believe,” “goals” or other similar words and are based on the Company’s expectations, estimates, forecasts and projections. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.
FOR FURTHER INFORMATION, PLEASE CONTACT:
David Hung
Chief Financial Officer and Executive Vice President, Investments
(905) 489-0258
david.hung@siennaliving.ca
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