Sienna Senior Living has entered into an agreement to acquire a portfolio of four relatively new seniors residences in Alberta.

The portfolio comprises 540 units altogether and includes facilities in the Calgary-area town of Airdrie, Alta.; Edmonton and its neighbouring community of Fort Saskatchewan, Alta.; and Medicine Hat, one of the province’s largest cities.

The residences were completed in 2022 and 2023. The purchase price is valued at $181.6 million.

If the deal closes as expected, it will mark Sienna’s expansion into Alberta.

“We are excited to expand our operations in Alberta, one of Canada’s fastest-growing provinces, welcome new team members and serve the residents and families of Albertans,” said Nitin Jain, president and CEO of Markham, Ont.-based Sienna.

The four properties are named the Airdrie Care Community, Shasta Care Community (Edmonton); Fort Saskatchewan Care Community and Medicine Hat Care Community.

“This acquisition helps us increase our national footprint and further enhance the size, quality and geographic reach of Sienna’s operating platform.”

Sienna expects the proposed acquisition to strengthen the firm’s presence in Western Canada and broaden its offerings in senior-living services. The four properties provide contemporary senior living accommodations that focus on extensive care services, particularly for seniors needing long-term care and memory support.

Torys LLP is serving as legal advisor, and TD Securities is acting as financial advisor to Sienna. Newmark Canada is advising the unidentified vendor.

Sienna offers a range of senior living options, including independent living, assisted living, memory care, and long-term care services, with a focus on providing quality care for seniors across Canada.

The deal is expected to close in early 2025, pending regulatory approvals.

Photo: K&H Developments