Core Viewpoint - Sienna Senior Living Inc. has announced the acquisition of The Hygate on Lexington, a retirement residence in Waterloo, Ontario, for a gross purchase price of $93.3 million, which is expected to enhance its portfolio in a key market [1][3][4]. Group 1: Acquisition Details - The Hygate property consists of 216 suites, including 126 independent supportive living units, 40 assisted living units, and 50 seniors apartments, along with a 4.7-acre development site [2]. - The acquisition price translates to approximately $432,000 per suite, with a projected stabilized investment yield of around 6.0% [3]. - The property currently has a 65% occupancy rate and is anticipated to reach stabilized occupancy within two years post-acquisition [3]. Group 2: Strategic Importance - The acquisition is aimed at strengthening Sienna's presence in southwestern Ontario, particularly in a region recognized for technology and innovation [4]. - The company plans to finance the acquisition entirely with cash on hand and credit facilities, indicating a strong liquidity position [4]. Group 3: Company Overview - Sienna Senior Living Inc. provides a comprehensive range of senior living options, including independent living, assisted living, and memory care, supported by approximately 15,000 employees [5].