In comparison, Welltower's owned Canadian portfolio has a 78% occupancy rate and Ventas stands at 93.5% The joint venture plans to allocate C$5 million for future capital improvements to be completed in the near term, split between the two partners. The unlevered return is expected to be about 6% in the first 12 months. Sienna will finance its portion of the price with a new term loan, draws from existing credit facilities and proceeds from the sale of two properties. Prior to this new JV, Sienna owned and operated 70 seniors housing communities in Canada, and 13 others that are managed for others, including eight that are owned by Sabra. So, this new JV will more than double their relationship. TD Securities was the exclusive financial advisor to Sienna and Torys LLP was their legal advisor.