Newspaper article The Canadian Press

Sienna Senior Living in $255M Deal to Acquire B.C. Seniors Housing Assets

Newspaper article The Canadian Press

Sienna Senior Living in $255M Deal to Acquire B.C. Seniors Housing Assets

Article excerpt

Sienna in $255M B.C. seniors housing deal

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MARKHAM, Ont. - Ontario-based Sienna Senior Living (TSX:SIA) is acquiring seniors housing assets in British Columbia for $255 million, including mortgage debt.

Sienna said the assets, known as the Baltic properties, include two high-quality private-pay independent living retirement residences and six best-in-class long-term care residences, which include both private-pay and funded long-term care and assisted living.

As well, it is getting a 50 per cent interest in Pacific Seniors Management General Partnership, the current manager and operator of the Baltic properties, and options to acquire up to 100 per cent of two newly built seniors housing assets at "a discount to fair market value. …

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