Sienna Senior Living (SIA-T) and Fiera Infrastructure have formed a joint venture with the objective of expediting $625 million in long-term care redevelopment projects in Ontario.

Sienna announced the partnership with Fiera's Canadian Built Opportunities Fund (CBOF) on Tuesday afternoon.

“We are excited to enter into a joint venture with a strong institutional capital partner to redevelop Sienna’s long-term care homes in Ontario, modernizing our portfolio and adding new beds,” Nitin Jain, president and CEO of Sienna, said.

“Given the significant capital requirements for long-term care developments, our partnership with Fiera Infrastructure will allow us to execute more projects over a shorter period of time, diversify our development risks, and support the Government of Ontario’s important goals of replacing aging infrastructure and expanding long-term care capacity.”

Sienna's Glen Rouge and Streetsville communities in the GTA will be among the first redevelopment projects under consideration with aggregate development costs of $375 million expected. In its Q2 financial results, Sienna said construction on these projects is expected to begin in early 2027.

Structure of the partnership

The announcement said Sienna and CBOF will each hold a 50-per-cent ownership interest in select redevelopment projects, subject to regulatory approvals and other conditions, under the terms of the limited JV.

CBOF will acquire a 50-per-cent interest in certain projects at the commencement of construction and redevelopments will be financed through equal equity contributions from Sienna and CBOF, together with project-level debt financing.

"For each JV redevelopment project, Sienna will be the development manager overseeing the construction of each project and the operating manager upon completion of the project on behalf of the JV," the announcement said.

"This strategic partnership allows us to leverage Sienna’s extensive expertise as a developer and operator in Canadian senior living,” Fiera Infrastructure managing director Jamie Crotin said.

“This relationship will mutually benefit both companies and provide Fiera Infrastructure with an opportunity to invest in essential social infrastructure supported by strong demographic tailwinds and resilient, inflation-protected cash flows.”

Redevelopment plan

In its Q2 results, Sienna said the Streetsville redevelopment will replace 118 existing beds and add 138 new beds. The estimated development cost for the project is approximately $125 million and the development yield is approximately eight per cent. It is expected to be completed in late 2029.

The 448-bed Glen Rouge redevelopment is the largest redevelopment project in the company's history with an expected cost of $250 million. Construction is anticipated to begin in early 2027, with completion expected in 2030.

Sienna acquisitions in Q2

Sienna continued to expand in portfolio in the second quarter of 2026, closing two acquisitions and entering a contract to purchase a third property for a combined total of $168.7 million. All three properties are in the GTA.

The Markham, Ont.-based seniors housing provider closed its $59.4-million acquisition of The Bartlett, a 129-suite residence built in 2021 and a $41-million purchase of the 160-suite, Rockland Manor, built in 2015.

Sienna also signed a purchase agreement in May for the 2025-built, Ballycliffe long-term care, which has 224-beds.

"Long-term fundamentals in Canadian senior living are underpinned by growing demand, with seniors making up the fastest-growing demographic, and limited new supply of senior living accommodations," Sienna said in its Q2 financial results outlook.

"Looking ahead, Sienna will continue to leverage these sector dynamics as we grow through portfolio optimization, and drive continued retirement NOI and margin growth.

"In addition, the increasing scale of our operations, our ability to identify and execute on strategic transactions and the acceleration of our redevelopment program are positioning us well to sustain our growth momentum."

Sienna Senior Living and Fiera Infrastructure

Sienna Senior Living Inc. offers a full range of seniors' living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services. 

Fiera Infrastructure is a global infrastructure investment manager focused on essential infrastructure assets across the energy transition, digital infrastructure, transportation, and social infrastructure sectors, and a wholly owned subsidiary of Fiera Capital (FSZ-T).

RENX has reaches out to Sienna for comment and this article will be updated if additional information becomes available.