Sienna Senior signs deal to acquire Ontario residence

Executive Summary

• Sienna Senior Living Inc. announced a total investment of $79 million in 2026 to expand its platform in Ontario and British Columbia through the acquisition of one new property and partial interests in two existing majority-owned properties.
• The company entered into a purchase agreement to acquire The Bartlett, a 129-suite independent living residence in Oshawa, Ontario, for approximately $59.4 million.
• Sienna completed the acquisition of remaining interests in two properties: Glenmore Lodge in Kelowna, B.C., and LaSalle Park in Burlington, Ontario, bringing its ownership stakes to 100% and 89.1% respectively.

Key Details

• The Bartlett Acquisition (Pending):

  • Location: Oshawa, Ontario (Greater Toronto Area).
  • Property Type: 129-suite independent living retirement residence.
  • Gross Purchase Price: Approximately $59.4 million.
  • Price Per Suite: $461,000.
  • Investment Yield: Approximately 5.75%.
  • Occupancy: Approximately 97%.
  • Amenities: Includes an 8,000-square-foot medical clinic.
  • Construction Year: 2021.
  • Financing: To be financed through available cash on hand.
  • Closing Conditions: Subject to transaction approvals and customary closing conditions; expected to close within 60 days.

• Glenmore Lodge Acquisition (Completed Jan. 31, 2026):

  • Location: Kelowna, British Columbia.
  • Property Type: 118-bed Long-Term Care (LTC) community.
  • Interest Acquired: 22.8% (increasing total interest to 100%).
  • Gross Purchase Price: Approximately $10.1 million.
  • Investment Yield: Approximately 6.65%.
  • Financing: Approximately $5.8 million in cash on hand plus assumption of an existing property-level mortgage.

• LaSalle Park Acquisition (Completed Feb. 1, 2026):

  • Location: Burlington, Ontario.
  • Property Type: 123-suite retirement residence.
  • Interest Acquired: 10.9% (increasing total interest to 89.1%).
  • Gross Purchase Price: Approximately $9.4 million.
  • Financing: Approximately $5.7 million in cash on hand plus assumption of an existing property-level mortgage.
  • Future Plans: Sienna expects to acquire the final 10.9% interest in approximately five years.

Notable Quotes

• "We are off to a good start in 2026, carrying our significant growth momentum forward into the new year. With these acquisitions, we will add scale in markets we know well and continue to strengthen the quality of our portfolio." — Nitin Jain, President and Chief Executive Officer