Sienna Senior Living completes second acquisition in Ottawa in 2025

Sienna Senior Living (LWSCF) has finalized its previously announced acquisition of Hazeldean Gardens Retirement Residence, a 172-suite retirement residence consisting of 129 independent living, 31 assisted living, and 12 memory care units in Stittsville, Ontario, a suburb located in Ottawa’s west end. Built in 2018, this high quality residence is expected to reach stabilized occupancy of 95% within the next 12 months, supported by the rapidly improving supply-demand fundamentals in the Ottawa market. The Acquisition is further expected to benefit from significant synergies with the Company’s nearby properties. The property was acquired for $85.25M, including a performance-based payment of $3.75M, and is subject to an additional performance-based contingent payment of $1.25M. Sienna has financed the full purchase price with a combination of cash on hand and credit facilities, and expects the transaction to be immediately accretive to the Company’s AFFO per share. The Acquisition was completed at a significant discount to replacement cost with an initial investment yield of 6.33% before accounting for internal synergies, and is expected to deliver a 6.8% investment yield in the first year following closing.