Sienna Senior Living Acquires Ottawa Retirement Residence

By Adriano Marchese

Sienna Senior Living agreed to acquire a 305-suite retirement residence in Ottawa for 170.7 million Canadian dollars, or US$122 million.

The Canadian senior-housing and healthcare-communities company on Thursday said it entered into a purchase agreement to acquire Stonemont on the Park in the country's capital. The property opened in 2024 and is 99% occupied, the company added.

The purchase breaks out at C$560,000 per suite. Sienna said the transaction includes an additional C$10 million earnout contingent on reaching certain financial targets, all of which it intends to finance through cash on hand and debt.

Chief Executive Nitin Jain said that, including the Stonemont acquisition, the company will have added about C$1.2 billion of assets through acquisitions and development since 2025.

Jain added that the company continues to build momentum with what he termed a strong acquisition pipeline, as well as its C$625 million joint venture partnership with Fiera Infrastructure to accelerate long-term care redevelopments.

The Stonemont transaction is expected to close in the fourth quarter.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 17, 2026 09:17 ET (13:17 GMT)