Sienna Completes Acquisition in Waterloo, Ontario

Core Viewpoint - Sienna Senior Living Inc. has successfully completed the acquisition of Hygate on Lexington in Waterloo, Ontario for $93.3 million, enhancing its presence in southwestern Ontario and expanding its asset base [1][3][4] Group 1: Acquisition Details - The acquisition price for Hygate was $93.3 million, equating to approximately $432,000 per suite, with a stabilized investment yield of around 6.0% [3] - Hygate is a six-story retirement residence built in 2021, featuring 216 suites, including 126 independent supportive living units, 40 assisted living units, and 50 seniors apartments [2] - The property includes a 4.7-acre development site with municipal zoning for a retirement residence or residential condominium [2] Group 2: Strategic Implications - The addition of Hygate is expected to strengthen Sienna's market position in southwestern Ontario and improve the quality of its asset portfolio [4] - The company aims to achieve stabilized occupancy at Hygate within the next two years, leveraging its market knowledge and experience [4] Group 3: Company Overview - Sienna Senior Living Inc. offers a comprehensive range of senior living options, including independent living, assisted living, and memory care under the Aspira retirement brand, along with long-term care and specialized services [4]