Sienna Senior Living, a Toronto-based provider of senior housing and care services, has announced a major collaboration with Fiera Infrastructure. The partnership aims to revitalize aging long-term care facilities in Ontario. The two companies formed a joint venture. It equally divides ownership and responsibilities. Their goal is to fast-track the redevelopment of these critical healthcare spaces. The joint effort will cover an estimated $625 million in total construction costs. Initial attention is focused on two communities in the Greater Toronto Area: Glen Rouge and Streetsville. These two projects alone are valued at approximately $375 million in combined development costs.
Equity shared, risk balanced
The structure of the joint venture ensures both Sienna and Fiera Infrastructure maintain a 50 percent stake in each redevelopment project. Each company will contribute equal amounts of equity at the project level. Fiera Infrastructure will commit its portion once construction work begins. Additionally, financing will be supplemented with project-specific debt. This is to meet the high capital demands of these large-scale developments. Sienna, known for its extensive experience in the sector, will act as the development manager during the construction phase. It will also take on the role of the operating manager once the projects are completed.
Nitin Jain, Sienna’s President and CEO, explained how this joint effort addresses the need to modernize long-term care facilities while adding much-needed capacity. He emphasized the significant costs associated with such projects and said the strategic partnership allows for faster execution, greater efficiency, and the ability to handle more projects simultaneously. By splitting the financial burden and responsibilities, the venture also reduces individual company risks, a vital feature in such high-stakes undertakings.
Long-term care as a sector of opportunity and necessity
Jamie Crotin, Managing Director at Fiera Infrastructure, highlighted the growing need for investment in long-term care as an essential social infrastructure. He noted that Canada’s aging population is driving strong demand, which ensures a stable revenue outlook for these projects. Fiera sees Sienna as a trusted partner, citing the company’s deep expertise in both developing and managing senior living spaces. The partnership, according to Crotin, allows Fiera to access a market with long-term resilience, particularly during times of economic uncertainty or inflation.
This collaboration directly supports the Ontario government’s goals. It aims to modernize long-term care services and expand accessibility for residents. With the initial projects set in the Toronto area, the redevelopment will transform existing facilities. They will become modern, better-equipped spaces to meet current and future needs. The $375 million slated for the Glen Rouge and Streetsville communities is a clear indication of how significant the commitment is. It also shows the scale at which the partnership will operate.
Sienna Senior Living operates a wide range of services for seniors, including independent living, assisted living, and memory care through its Aspira brand. The company also manages specialized programs and long-term care services across its 15,500-strong workforce. The joint venture with Fiera is positioned to help Sienna fulfill its vision of upgrading its portfolio and enhancing the quality of life for seniors. By combining the strength of Sienna’s development and operations capabilities with Fiera’s investment expertise, the partnership is expected to deliver a more robust, sustainable approach to senior care.
The joint venture, subject to regulatory approvals and conditions, represents a strategic response to the evolving senior care landscape and the pressing need for modernized infrastructure. As the aging population continues to grow, the need for more beds, improved healthcare delivery, and updated facilities becomes even more critical. Through this partnership, both companies aim to lead the transformation of long-term care in Ontario, ensuring it meets the demands of today and the years ahead.