MARKHAM, Ontario, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. ("Sienna" or the "Company") (TSX: SIA) announced today that it has entered into a purchase agreement to acquire Stonemont On the Park (“Stonemont”), a 305-suite retirement residence in Ottawa, Ontario.
The property opened in 2024 and is approximately 99% occupied. Stonemont is conveniently located in Ottawa’s east end and offers high-quality amenities as well as above- and below-grade parking.
The gross purchase price for Stonemont is approximately $170.7 million, or $560,000 per suite. The transaction includes an additional $10.0 million earnout contingent upon exceeding certain financial targets and is expected to close in Q4 2026, subject to regulatory and customary closing conditions. The Company intends to finance the acquisition with available cash on hand and its credit facilities.
“With the addition of Stonemont, we are further expanding Sienna’s retirement platform in a key market,” said Nitin Jain, President and Chief Executive Officer. “Following this transaction, we will have added approximately $1.2 billion of assets through acquisitions and developments since 2025. We continue to build on this momentum with a strong acquisition pipeline and Sienna’s $625 million joint venture partnership with Fiera Infrastructure to accelerate long-term care redevelopments. These opportunities allow us to further scale our platform, enhance the experience of Sienna’s residents and team members, while creating long-term value for our shareholders.”
About Sienna Senior Living
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 15,500 employees are passionate about cultivating happiness in daily life. For more information, please visit www.siennaliving.ca.
Forward-Looking Statements
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
David Hung
Chief Financial Officer and Executive Vice President, Investments
(905) 489-0258
david.hung@siennaliving.ca
Nancy Webb
Executive Vice President, Corporate Affairs and Marketing
(905) 477-4006 ext. 3030
nancy.webb@siennaliving.ca
