Sienna Senior closes Bartlett acquisition for $59.4M

Executive Summary

• Sienna Senior Living Inc. has completed the acquisition of "The Bartlett," a 129-suite independent living retirement residence located in Oshawa, Ontario, within the Greater Toronto Area (GTA).
• The transaction was financed entirely through available cash on hand, with a gross purchase price of $59.4 million.
• The property, built in 2021, is currently 96% occupied and includes an 8,000-square-foot medical clinic, supporting the company's strategy to enhance the scale and quality of its diversified GTA portfolio.

Key Details

• Target Asset: The Bartlett, a 129-suite independent living retirement residence in Oshawa, Ont.
• Purchase Price: $59.4 million gross.
• Price Per Unit: Approximately $461,000 per suite.
• Yield: Initial investment yield of approximately 5.75%.
• Occupancy: Approximately 96% occupied at time of acquisition.
• Property Features: Built in 2021; includes highly attractive amenities and an 8,000-square-foot medical clinic.
• Financing: Financed through available cash on hand.
• Strategic Context: CEO Nitin Jain stated the acquisition supports long-term value creation and positions the company for continued growth across key Canadian markets in 2026.

Notable Quotes

• "The addition of the Bartlett supports Sienna's long-term value creation by enhancing the scale and quality of our diversified GTA portfolio," said Nitin Jain, president and chief executive officer. "For the balance of 2026, we are well positioned to continue the company's growth across key markets in Canada, supported by a strong pipeline of acquisition and development opportunities."