Sienna Senior Living to acquire Credit River Retirement Residence for $60.2M

Sienna Senior Living (LWSCF) entered into a purchase agreement to acquire Credit River Retirement Residence, a 133-suite retirement residence consisting of 84 independent living, 25 assisted living, and 24 memory care units in Streetsville, Ontario, located within the Greater Toronto Area. 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. 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.