MARKHAM, Ontario — Sienna Senior Living Inc., a Markham-based owner, has acquired 10 seniors housing communities throughout Ontario for CA$382 million. Based on the exchange rate on Friday, March 30, that equates to approximately US$296 million.
The properties are all private-pay, offering independent living and assisted living. Centralized in the Toronto and Ottawa metro areas, the portfolio totals 1,245 units. Further details on the properties were not disclosed.
Sienna financed the transaction with CA$88.2 million in assumption of debt against the properties, a CA$115 million acquisition loan, proceeds from a recent CA$184 million bought deal offering and draws on the company’s credit facility. A bought deal is a securities offering in which an investment bank commits to buy the entire offering from the client company, according to Investopedia.
“This strategic acquisition continues to enhance the quality and size of Sienna's retirement portfolio, in keeping with the company’s goal of achieving a balanced portfolio of 50% private pay,” says Lois Cormack, president and CEO of Sienna.
Sienna Senior Living Inc. (TSX: SIA) is a senior living provider with 85 communities across key markets in Canada.