Sienna Senior Living Inc. has acquired a portfolio of 10 independent supportive living and assisted living retirement residences for an estimated $300M.
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The portfolio includes 1,245 private-pay units situated in the Toronto and Ottawa regions of Canada.
Sienna focuses on offering a full range of senior living options that range from retirement and long-term care facilities to management and consulting services.
“This strategic acquisition continues to enhance the quality and size of Sienna's retirement portfolio in keeping with the company’s goal of achieving a balanced portfolio of 50% private pay, and is expected to drive long-term value creation for shareholders,” Sienna President and CEO Lois Cormack said in a statement.
Senior housing demand is growing at a rapid pace as roughly 10,000 baby boomers are estimated to retire everyday in the U.S. By 2037, the population of people age 65 and over is expected to reach 79 million.
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