Sienna Senior Living Inc. (TSX:SIA) entered into an agreement to acquire the remaining 60% interest in Nicola Lodge for approximately $53 million on September 14, 2023. The transaction will take place in two stages, each comprising a 30% interest to be purchased for approximately $26.5 million, before closing costs, and representing a yield of approximately 6.75%. The purchase will be financed through the assumption of a pro rata share on the in-place mortgage loan with a 5.01% interest rate and cash on hand.

Subject to lender and regulatory approvals, the first closing is anticipated to take place during Q1 2024, at which time the Company will gain majority ownership, with the second closing to occur between November 2024 and March 2026. As of December 31, 2023, Sienna completed the acquisition of 30% stake in Nicola.