- What Sienna Senior Living has agreed to buy two Ontario properties for $80.6m
- Why The assets will achieve capitalization rates of 6.25% and 6.75%
- What next The deals are expected to close in mid-2025 and early 2026
Sienna Senior Living has agreed to purchase two properties in Ontario for a collective $80.6m.
The Toronto-based senior housing provider is expected to close on the buildings, in Ottawa and Mississauga, in mid-2025 and early 2026, respectively.
The Ottawa property, Wildpine Residence, accounted for $48m of the purchase price. The price translates to a capitalization rate of 6.25%, and the purchase will be financed in part through the assumption of a $25m CMHC-insured loan.
The four-storey building, at 10 Wildpine Court, comprises 165 suites, 119 of which are independent living units, with the remainder being assisted living units. The property has multiple dining rooms, a pub, fitness facilities and a lounge.
Wildpine is jointly owned by four private investors.
The Mississauga property, Cawthra Gardens, accounts for $32.6m, with the price translating to a 6.75% cap rate. The purchase will be financed through general corporate funds.
The 192-bed property, at 590 Lolita Gardens, was built in 2003. It comprises 120 private beds and 72 basic beds. The property is owned by Delcare LTC and managed by AgeCare.
Sienna, which has two other long-term care facilities nearby, said there is a lengthy waitlist for long-term care homes in the area. Cawthra Gardens has 867 people on its waitlist, according to the Province of Ontario.
