Sienna Completes Acquisition in Waterloo, Ontario

Executive Summary

• Sienna Senior Living Inc. completed its previously disclosed acquisition of Hygate on Lexington, a 216‑suite retirement residence in Waterloo, Ontario.
• The transaction value was $93.3 million (≈$432,000 per suite) with an expected stabilized investment yield of ~6.0%.
• The property is currently in lease‑up and includes a 4.7‑acre development site zoned for future senior or residential condominium use.

Key Details

• Acquisition price: $93.3 million (approximately $432,000 per suite).
• Property composition: 126 independent supportive living units, 40 assisted living units, 50 seniors apartments; total 216 suites across six stories.
• Additional land: 4.7‑acre development site with municipal zoning for a retirement residence or residential condominium.
• Expected stabilized investment yield: ~6.0%.
• Current status: Property is in lease‑up, acquired at a discount to replacement cost.
• Management outlook: CEO Nitin Jain stated the addition will “strengthen our presence in southwestern Ontario” and aims to achieve stabilized occupancy within two years.

Notable Quotes

“With the addition of Hygate, we continue to strengthen our presence in southwestern Ontario and further elevate the quality of our growing asset base,” – Nitin Jain, President & CEO.
“We will leverage our extensive experience and market knowledge to reach stabilized occupancy at this highly desirable property within the next two years.” – Nitin Jain, President & CEO.