Sienna Senior Living, Fiera Infrastructure Form JV for Care Redevelopments

Sienna Senior Living Inc. (TSX: SIA), a leading Canadian provider of seniors' living options, announced today that it has formed a strategic joint venture with Fiera Infrastructure Inc. to accelerate its long-term care redevelopment projects in Ontario. This collaboration, facilitated through Fiera Infrastructure's Canadian Built Opportunities Fund (CBOF), is set to significantly contribute to Sienna's goals of modernizing its portfolio and expanding long-term care capacity in the region.

The joint venture initially targets investments in redevelopment projects totaling approximately C$625 million in aggregate construction costs. Among the first projects under consideration are Sienna's Glen Rouge and Streetsville Communities in the Greater Toronto Area (GTA), representing aggregate development costs of approximately C$375 million. The Streetsville redevelopment is planned as a 256-bed facility, replacing 118 existing beds and adding 138 new ones, while the Glen Rouge project will have 448 beds. Construction for these projects is anticipated to commence in early 2027.

Under the limited partnership joint venture structure, Sienna and CBOF will each hold a 50% ownership interest in selected redevelopment projects, subject to regulatory approvals and other conditions. Financing for these redevelopments will be secured through equal equity contributions from both parties, complemented by project-level debt financing. Sienna will serve as the development manager overseeing construction and the operating manager upon completion on behalf of the joint venture.

Nitin Jain, President and CEO of Sienna Senior Living, stated that the partnership with Fiera Infrastructure will enable the company to execute more projects over a shorter period, diversify development risks, and support the Government of Ontario's crucial goals of replacing aging infrastructure and expanding long-term care capacity. Fiera Infrastructure, a wholly owned subsidiary of Fiera Capital (TSX: FSZ), is a global infrastructure investment manager specializing in essential infrastructure assets across the energy transition, digital infrastructure, transportation, and social infrastructure sectors.

This partnership aligns with the broader context of addressing the increasing needs of Canada's aging population and provincial government initiatives to modernize and expand long-term care facilities. The Government of Ontario has set significant targets for improving senior care infrastructure and increasing bed capacity. Fiera Infrastructure's CBOF itself is part of a larger platform launched in September 2025 with the Canadian District of the United Brotherhood of Carpenters and Joiners of America (UBC), aiming to invest over C$800 million in union-built infrastructure and real estate projects across Canada.

Market analysts suggest that this strategic joint venture is poised to accelerate Sienna Senior Living's growth trajectory and offer a more sustainable development model by diversifying financial risks. The company reported strong financial results for the second quarter of 2026, with year-over-year increases across key metrics, including a 19.4% rise in same property net operating income (NOI) to C$57.6 million and retirement segment occupancy reaching 94.1%. This partnership holds the potential to create long-term value for shareholders and reinforce Sienna's leadership position in the sector.