Sienna Senior Living Inc. (TSX:SIA) entered into an agreement to acquire portfolio of ten seniors housing assets in Ontario for approximately CAD 470 million on January 22, 2018. Under the transaction, Sienna Senior Living will assume approximately CAD 76 million in existing mortgages. The purchase price is subject to customary adjustments, which includes a CAD 2 million capital expenditure deduction, CAD 1.5 million mark-to-market value adjustments of assumed debt deduction, and CAD 1 million income support deduction.

The acquisition is financed through a term loan facility of CAD 163 million, net proceeds of the offering in the amount of CAD 160.0149 million and draws on the Sienna Senior's existing credit facilities. As of February 9, 2018, the private placement offering was closed. The acquisition is subject to customary closing conditions, including the receipt of all necessary third party (including lenders) consents and approvals, and pursuant to the Competition Act.

The acquisition is expected to occur during the second quarter of 2018. The acquisition is accretive to Sienna's AFFO per common share in the first full fiscal year post closing. Goodmans LLP acted as a legal advisor to Sienna Senior Living.

TD Securities Inc. and Greystone Real Estate Advisors, LLC acted as financial advisors, Simon Knowling, Graham Rawlinson, Nooreen Bhanji, Richard Missaghie, Molly Reynolds, Omar Wakil, Kevin Tuohy, Mitch Frazer and Tom Stevenson of Torys LLP acted as a legal advisor to the vendor. TD Securities Inc. acted as financial advisor to ortfolio Of Ten Seniors Housing Assets In Ontario.