Sienna Senior Living Inc. (TSX: SIA) has entered into a purchase agreement to acquire Stonemont On the Park, a 305-suite retirement residence in Ottawa, Ontario, for approximately $170.7 million. The property, which opened in 2024 and is approximately 99% occupied, marks a continued expansion of Sienna's retirement platform in a key Ontario market. The deal is expected to close in Q4 2026, subject to regulatory and customary closing conditions, and investors may be watching for updates on platform-wide growth targets.

Key Points

  • Sienna Senior Living Inc. (TSX: SIA) is acquiring Stonemont On the Park in Ottawa, Ontario
  • The gross purchase price is approximately $170.7 million, or $560,000 per suite
  • A $10.0 million earnout is contingent upon exceeding certain financial targets; closing is expected in Q4 2026
  • Investors may be watching how this acquisition contributes to the approximately $1.2 billion in assets added since 2025

Stonemont On the Park: A Nearly Full Ottawa Asset at $560,000 Per Suite

Stonemont On the Park is located in Ottawa's east end and opened in 2024. The release states the property is approximately 99% occupied and offers high-quality amenities as well as above- and below-grade parking. At a gross purchase price of approximately $170.7 million, the per-suite cost works out to $560,000. The transaction also includes an additional $10.0 million earnout provision that is contingent upon the property exceeding certain financial targets, though those specific targets were not detailed in the announcement.

Financing Structure and Expected Closing Timeline

Sienna intends to finance the Stonemont acquisition using available cash on hand and its existing credit facilities. The company did not disclose the specific proportion drawn from each source. The transaction is expected to close in Q4 2026, subject to regulatory approvals and customary closing conditions. No financing arrangements beyond existing credit facilities were referenced in the announcement, and the immediate share price impact was not clear from available public information.

$1.2 Billion in Growth Since 2025 Alongside Fiera Infrastructure Joint Venture

President and CEO Nitin Jain stated in the release that following this transaction, Sienna will have added approximately $1.2 billion of assets through acquisitions and developments since 2025. The release also references Sienna's $625 million joint venture partnership with Fiera Infrastructure, described as aimed at accelerating long-term care redevelopments. These disclosures suggest the company is pursuing a broader platform-scaling strategy across its retirement and long-term care segments, though specific financial outcomes from these initiatives were not confirmed in the announcement.