Sienna Senior Living in $255M deal to acquire B.C. seniors housing assets
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Hey there, time traveller!
This article was published 18/04/2016 (3488 days ago), so information in it may no longer be current.
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.”
Sienna will be required to purchase the remaining 50 per cent interest in PSM in June 2019 for about $1.7 million, subject to adjustments.
The purchase price also includes $1 million for excess land with future expansion potential.
Sienna said the price includes assumption of some $137 million in existing mortgages and that it has concluded a bought deal public offering of subscription receipts for net proceeds of $120 million, rising to as much as $138 million if underwriters exercise an over-allotment option in full.
It will also issue $10 million in shares to an affiliate of the Baltic partner at the same price as the offering price for the subscription receipts.