Sienna Senior closes Hygate on Lexington acquisition

Mr. David Hung reports SIENNA COMPLETES ACQUISITION IN WATERLOO, ONTARIO Sienna Senior Living Inc. has completed its previously disclosed acquisition of Hygate on Lexington in Waterloo, Ont. Built in 2021, the six-storey, 216-suite retirement residence offers a diverse range of accommodations, including 126 independent supportive living units, 40 assisted living units and 50 seniors apartments. The property also includes a 4.7-acre development site with municipal zoning for a retirement residence or residential condominium. Sienna acquired Hygate for $93.3-million or approximately $432,000 per suite, with a stabilized investment yield of approximately 6.0 per cent. The property, which is currently in lease-up, was acquired at a discount to replacement cost. "With the addition of Hygate, we continue to strengthen our presence in southwestern Ontario and further elevate the quality of our growing asset base," said Nitin Jain, president and chief executive officer. "We will leverage our extensive experience and market knowledge to reach stabilized occupancy at this highly desirable property within the next two years." About Sienna Senior Living Inc. Sienna Senior Living offers a full range of seniors' living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services. Sienna's approximately 15,000 employees are passionate about cultivating happiness in daily life. We seek Safe Harbor.