Sienna Senior Living (LWSCF) has finalized its previously announced acquisition of a 165-suite retirement residence in Ottawa, Ontario for a gross purchase price of $48M. The Acquisition was financed through the assumption of approximately $25.2M of CMHC-insured debt with an interest rate of 3.69% and a remaining term of approximately 7.4 years. The balance was financed with cash on hand. Sienna anticipates Wildpine Residence to generate an approximate 6.25% investment yield in the first twelve months of operations and achieve immediate synergies with nearby properties owned by the Company. The Acquisition was completed at a significant discount to replacement cost and is expected to be immediately accretive to Sienna’s AFFO per share.
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