Sienna Senior Living Inc. Acquires Credit River Retirement Residence to Expand in Greater Toronto Area
- Sienna Senior Living Inc. acquired Credit River Retirement Residence to expand its presence in the Greater Toronto Area.
- The facility includes 133 suites and amenities, catering to diverse senior living needs and enhancing Sienna's portfolio.
- The acquisition, costing $60.2 million, aims to boost Sienna’s financial performance and meet growing senior housing demand.
Sienna Senior Living Expands Footprint with Acquisition in Greater Toronto Area
Sienna Senior Living Inc. has announced the acquisition of Credit River Retirement Residence, a prominent senior living facility located in Streetsville, Ontario. This strategic move is part of Sienna's ongoing expansion efforts within the Greater Toronto Area (GTA), a region known for its increasing demand for senior living accommodations. The Credit River facility encompasses 133 suites, including 84 independent living suites, 25 assisted living units, and 24 memory care suites, catering to a diverse range of senior needs. With attractive amenities such as health and fitness facilities, a movie theatre, and dining options, the residence is poised to enhance Sienna’s portfolio and meet the growing demands of this vibrant market.
The acquisition comes at a time when the occupancy rate of the Credit River facility stands at 90%, with expectations to stabilize at 95% within the first year following the transaction. Sienna’s CEO Nitin Jain expresses confidence in the strategic fit of this high-quality property, emphasizing the potential for operational synergies with the company’s existing facilities in the region. The gross purchase price for the acquisition is set at $60.2 million, with an initial yield of 5.75%. This transaction is projected to be immediately accretive to Sienna’s adjusted funds from operations (AFFO) per share, underscoring the financial viability of the investment.
Financing for the acquisition will be entirely sourced through Sienna’s credit facilities, demonstrating the company’s robust financial position and commitment to sustainable growth. Pending regulatory approvals, the transaction is expected to close within 60 days. This acquisition not only reflects Sienna’s dedication to enhancing the quality of life for seniors but also reinforces its strategic goal of expanding its presence in one of Canada’s most desirable markets for senior living. With approximately 14,500 staff members committed to this mission, Sienna is well-positioned to capitalize on the growing demand for senior housing in the GTA.
In addition to the acquisition, Sienna Senior Living continues to prioritize the enhancement of its service offerings across its facilities. The company remains focused on implementing innovative programs that improve resident engagement and overall well-being. As the population ages, Sienna is committed to evolving its services to meet the changing needs of seniors, ensuring that they receive the highest standard of care and support.
Overall, the acquisition of Credit River Retirement Residence marks a significant development for Sienna Senior Living, highlighting its strategic growth trajectory and commitment to serving seniors in the Greater Toronto Area. With plans for further expansion, Sienna is set to play a key role in shaping the future of senior living in Canada.