New Sabra JV to acquire Canadian seniors housing portfolio for C$307.5M

Sabra Health Care REIT Inc. is partnering with healthcare facility operator Sienna Senior Living Inc. to buy a portfolio of 11 housing communities for older adults in Canada for C$307.5 million.

The properties are spread across Ontario and Saskatchewan and total 1,048 units, with expansion opportunities for 233 additional units. The portfolio will be purchased through a newly created 50/50 joint venture and will be operated by Sienna.

Sabra will use cash on hand and proceeds from its capital recycling activity to fund its portion of the deal. The healthcare real estate investment trust's commitment in the transaction equates to about C$154 million.

The deal is slated to close during the first half of 2022, upon receipt of regulatory approvals.