Sabra, Sienna Complete $236.5M Acquisition of 11 Communities in Canada

IRVINE, Calif. — Sabra Health Care REIT (NASDAQ: SBRA) and Sienna Senior Living (TSX: SIA) have completed their joint-venture acquisition of 11 seniors housing communities in Canada.

The properties are located in the provinces of Ontario and Saskatchewan. The buyers paid CA$307.5 million (US$236.5 million).

Sabra and Sienna acquired the portfolio through a newly formed 50/50 joint venture, with Sienna also acting as the operator. The predominantly independent living portfolio consists of mostly newer construction with an average age of six years, which positions it to capture demand growth across the seniors housing industry as Canada’s 75-plus population is expected to double over the next 20 years.

Sabra funded its portion of the acquisition using cash on hand and its credit facility. The company plans to use proceeds from in-process capital recycling activity to keep leverage in line with its long-term target of approximately 5 times net debt to adjusted EBITDA.