04:34 PM EDT, 10/16/2024 (MT Newswires) -- Sienna Senior Living ( LWSCF ) after trade Wednesday said it reached an agreement to acquire a portfolio of four continuing-care homes in Alberta for $181.6 million.

The four continuing care homes consist of 540 suites in Calgary, Edmonton, Fort Saskatchewan and Medicine Hat.

The investment yield is expected to be approximately 6.5% during the first year of operations, with opportunity for additional growth.

"We are excited to expand our operations in Alberta, one of Canada's fastest growing provinces, welcome new team members and serve the residents and families of Albertans," said Chief Executive Officer Nitin Jain said in a release. "This acquisition helps us increase our national footprint and further enhance the size, quality and geographic reach of Sienna's operating platform."

Sienna shares closed up $0.20 to $17.08 on the Toronto Stock Exchange.