Markham, Ontario-headquartered Sienna Senior Living Inc. (TSX: SIA) has entered into an agreement to acquire a portfolio of four continuing care homes in Alberta for $181.6 million.
The portfolio consists of Airdrie Care Community in Airdrie, Shasta Care Community in Edmonton, Fort Saskatchewan Care Community in Fort Saskatchewan, and Medicine Hat Care Community in Medicine Hat. The four properties encompass a total of 540 suites, with three of the four properties exceeding 98% occupancy and one property currently in lease-up.
“We are excited to expand our operations in Alberta, one of Canada’s fastest growing provinces, welcome new team members and serve the residents and families of Albertans,” said Nitin Jain, president and CEO of Sienna. “This acquisition helps us increase our national footprint and further enhance the size, quality and geographic reach of Sienna’s operating platform.”
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