A Blackburn Hamlet retirement home is changing hands as part of a southern Ontario firm’s $380-million deal to acquire 10 seniors’ residences in the Greater Toronto Area and eastern part of the province.
The 101-unit Amica at Bearbrook retirement residence, which is located off Innes Road and is currently owned by Amica Mature Lifestyles, is among the properties being sold to Markham-based Sienna Senior Living (TSX: SIA).
Locally, Sienna also owns the Red Oak Retirement Residence on Campeau Drive in Kanata, the Madonna Care Community on St. Joseph Boulevard in Orleans and Granite Ridge Care Community in Stittsville.
Sienna said the new acquisitions, which have a total of 1,245 units, will boost its presence in “strategically located” markets in Ontario and raise its overall suite count by 63 per cent.
Sienna, which currently owns 75 seniors’ residences in Ontario and British Columbia, said the properties are “well-located in growing, affluent communities” and are “well-maintained and possess a track record of strong financial performance and stable occupancy.” The company said it will pump a total of $3 million into additional capital improvements at the residences.
"This acquisition is expected to further strengthen Sienna's high-quality retirement portfolio, enhance our growth profile and drive long-term value creation for our shareholders," Sienna CEO Lois Cormack said in a news release.
The aging Canadian population is increasing interest among developers and investors in retirement residences. Locally, Claridge Homes – which is better known for its subdivisions and condo towers – is looking to expand its portfolio of retirement homes, while accounting and consulting firm PwC calls senior housing one of its “best bets” in Canadian real estate for 2018.
Other eastern Ontario properties in the Sienna deal include the 107-unit Island View Retirement Suites in Arnprior and Perth’s Carolina Suites, which has 140 apartments. Sienna said it expects to complete the transaction in the second quarter of 2018.