Sienna forms joint venture with Fiera Infrastructure

MARKHAM, Ontario, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (" Sienna " or the " Company ") (TSX: SIA) announced today that it has formed a joint venture relationship with Fiera Infrastructure Inc. (“Fiera Infrastructure”), through its Canadian Built Opportunities Fund (“CBOF”), to expedite Sienna’s long-term care redevelopment projects in Ontario.

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 (TSX: FSZ).

The joint venture is initially targeting investments in redevelopment projects totalling approximately $625 million in aggregate construction costs, with the Company’s Glen Rouge and Streetsville Communities in the Greater Toronto Area being among the joint venture’s first projects currently under consideration, representing aggregate development costs of approximately $375 million.

“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,” said Nitin Jain, President and CEO of Sienna. “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.”

Joint Venture Structure – Under the limited partnership joint venture (“JV”), Sienna and CBOF will each hold a 50% ownership interest in select redevelopment projects, subject to regulatory approvals and other conditions. CBOF will acquire a 50% interest in certain projects at the commencement of construction. These 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.

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

About Sienna Senior Living

Sienna Senior Living Inc. (TSX: SIA) 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. Sienna's approximately 15,500 employees are passionate about cultivating happiness in daily life. For more information, please visit www.siennaliving.ca .

Forward-Looking Statements

Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate,” “continue,” “could,” “expect,” “may,” “will,” “estimate,” “believe,” “goals”, “target” or other similar words and are based on the Company’s expectations, estimates, forecasts and projections. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Hung Chief Financial Officer and Executive Vice President, Investments (905) 489-0258 david.hung@siennaliving.ca

Nancy Webb Executive Vice President, Corporate Affairs and Marketing (905) 477-4006 ext. 3030 nancy.webb@siennaliving.ca

Globe Newswire

August 4, 2026 - 1:05 PM PDT

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