The newly opened property, which reached 99% occupancy shortly after its 2024 debut, represents a significant addition to Sienna’s portfolio. Beyond the initial purchase price, the agreement includes a 10-million-dollar earnout contingent on future performance targets. Management intends to fund the acquisition using a combination of existing cash reserves and new debt, with a final closing expected by the end of the fourth quarter.

Chief Executive Nitin Jain noted that this transaction pushes the company’s total acquisition and development growth to roughly 1.2 billion Canadian dollars since the start of 2025. This move aligns with a broader strategy to scale operations, supported by a 625-million-dollar joint venture with Fiera Infrastructure aimed at modernizing long-term care facilities.