[ad_1]Sienna Senior Living announced this morning it has acquired the 305-suite Stonemont on the Park seniors residence for $170M. (Courtesy Rosemont on the Park website)Sienna Senior Living (SIA-T) has made its fifth purchase in Ontario this year, revealing today that it has bought a 305-suite retirement home in Ottawa for $170.7 million. The property, Stonemont on the Park, opened in 2024 and is nearly 99 percent full, according to Sienna's announcement. "With the addition of Stonemont, we are further expanding Sienna’s retirement platform in a key market," Sienna president and CEO Nitin Jain said. “Following this transaction, we will have added approximately $1.2 billion of assets through acquisitions and developments since 2025." Stonemont is situated in Ottawa's east end. Some amenities at the property include: a salon & spa, heated pool, fitness centre, on-site cinema, a bar/bistro lounge and a tuck shop. The purchase price works out to $560,000 per suite. Sienna mentioned that the deal includes an additional $10-million earnout based on meeting certain financial goals. The company plans to fund the acquisition with available cash and its credit facilities. The Stonemont deal is expected to finalize in Q4.Other acquisitions in Ontario announced this yearSienna has finalized or signed agreements for four other senior residences in Ontario so far this year.The Bartlett (Oshawa) - Acquired in April for $59.4 million, it's a 129-suite independent living retirement home located in the Greater Toronto Area. Rockland Manor (Rockland) - The purchase agreement was announced in May for $41 million. Rockland is a 160-suite retirement residence located in the Greater Ottawa Area. Ballycliffe (Ajax) - This $68.3-million acquisition was also revealed in May. It’s a 224-bed long-term care community within the GTA and is expected to close later this year. In January, Sienna acquired an additional 10.9 percent stake in La Salle Park, which is a 123-suite retirement residence located in Burlington, increasing its stake to 89.1 percent.Joint Venture with Fiera Infrastructure for long-term careLast month, Sienna and Fiera Infrastructure (FSZ-T) announced they formed a joint venture worth $625 million aimed at speeding up long-term care developments. Jain told RENX that Sienna’s redevelopment program focuses on modernizing older long-term care communities within its portfolio while increasing system capacity. "In Ontario, there are over 50,000 people on the waitlist for a long-term care bed," Jain said during an earlier email interview with RENX. "Last year, the Ontario government made significant changes to their construction funding model for long-term care redevelopments which now makes it financially feasible for us to move forward with redevelopments in the GTA." Jain noted that long-term care represents about half of Sienna's portfolio of 107 communities. "We continue to build on this momentum with a strong acquisition pipeline and Sienna’s $625 million joint venture partnership with Fiera Infrastructure to accelerate long-term care redevelopments," Jain said during yesterday's announcement. "These opportunities allow us to further scale our platform, enhance the experience of Sienna’s residents and team members while creating long-term value for our shareholders." Sienna Senior Living is a Canadian owner, operator and developer of senior housing real estate. It's unique as it's publicly traded while owning and operating both retirement living and long-term care properties including senior apartments, independent retirement living options, assisted living services as well as memory care and long-term care facilities.[ad_2]Source link
