Sienna Senior Living Secures New Acquisition in Ottawa
Deal News | Jun 18, 2025 | Globenewswire
Sienna Senior Living Inc. has completed the acquisition of Hazeldean Gardens Retirement Residence in Stittsville, Ontario, for $85.25 million. The property includes 172 suites designed for independent living, assisted living, and memory care. Built in 2018, it's expected to reach a 95% occupancy level within a year. This acquisition adds to Sienna's acquisition portfolio, totaling over $340 million for 2025. The transaction is projected to enhance the company's AFFO per share due to a 6.33% initial investment yield, rising to 6.8% after a year. Financing was obtained through cash and credit facilities. Nitin Jain, CEO of Sienna, emphasized the strategic growth through operational synergies with existing properties, underscoring Sienna's commitment to scale its business.
Sectors
- Senior Living
- Real Estate Investment
Geography
- Canada – Sienna Senior Living is based in Markham, Ontario, and the acquired property, Hazeldean Gardens, is in Stittsville, a suburb of Ottawa, Ontario, Canada.
Industry
- Senior Living – The acquisition involves retirement residences providing independent living, assisted living, and memory care units, which are part of the senior living industry.
- Real Estate Investment – The acquisition of Hazeldean Gardens is a property transaction that involves strategic investments in real estate to expand Sienna's property portfolio.
Financials
- 85.25 million – The acquisition price for Hazeldean Gardens Retirement Residence, including a performance-based payment component and expected investment yield.
- 6.33% – The initial investment yield before accounting for internal synergies associated with the acquisition.
- 6.8% – The expected investment yield in the first year following the acquisition closing, including synergies.
- 340 million – The total value of acquisitions completed by Sienna Senior Living in 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sienna Senior Living Inc. | Acquirer | Company | Sienna Senior Living provides senior housing and care services across its properties in Canada. |
| Hazeldean Gardens Retirement Residence | Target | Company | A retirement community offering independent, assisted, and memory care living accommodations in Ottawa's suburb Stittsville. |
| Nitin Jain | CEO | Person | President and Chief Executive Officer of Sienna Senior Living Inc. |
| David Hung | Chief Financial Officer and Executive Vice President, Investments | Person | Responsible for financial operations and investments at Sienna Senior Living Inc. |