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MARKHAM, Ontario, Nov. 06, 2025 (GLOBE NEWSWIRE) — Sienna Senior Living Inc. (“Sienna” or the “Company“) (TSX: SIA) announced today that it has entered into a purchase agreement to acquire The Hygate on Lexington (“Hygate”), a 216-suite retirement residence in Waterloo, Ontario.
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Built in 2021, the six-story property is located in the highly attractive Waterloo market and offers a diverse range of accommodations, including 126 independent supportive living units, 40 assisted living units and 50 seniors apartments. The property also includes a 4.7-acre development site with municipal zoning for a retirement residence or residential condominium.
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The gross purchase price for Hygate is $93.3 million, or approximately $432,000 per suite, with a stabilized investment yield of approximately 6.0%. The property, which is currently in lease-up, has an approximate 65% occupancy rate, and is expected to reach stabilized occupancy within two years of closing. Sienna will acquire the property at a discount to replacement cost and will leverage its extensive experience and market knowledge to achieve its targeted occupancy growth.
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“We are excited to continue expanding our retirement portfolio with this recently built, highly desirable property in Waterloo,” said Nitin Jain, President and Chief Executive Officer. “Hygate will further strengthen our presence in southwestern Ontario and elevate the quality of our asset base in one of Canada’s leading technology and innovation hubs.”
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Sienna intends to finance the full purchase price of Hygate with cash on hand and its credit facilities. The acquisition is subject to regulatory and governance approvals and customary closing conditions, and is expected to close within 60 days.
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About Sienna Senior Living
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Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors’ living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services. Sienna’s approximately 15,000 employees are passionate about cultivating happiness in daily life. For more information, please visit www.siennaliving.ca.
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Forward-Looking Statements
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Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate,” “continue,” “could,” “expect,” “may,” “will,” “estimate,” “believe,” “goals”, “target” or other similar words and are based on the Company’s expectations, estimates, forecasts and projections. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.
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FOR FURTHER INFORMATION, PLEASE CONTACT:
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David Hung
Chief Financial Officer and Executive Vice President, Investments
(905) 489-0258
[email protected]
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Nancy Webb
Executive Vice President, Corporate Affairs and Marketing
(905) 477-4006 ext. 3030
[email protected]
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English (US)