Leyad has acquired The Bay Centre retail and mixed-use property in downtown Victoria, B.C. from Manulife.

The property’s name is derived from its former anchor tenant, the Hudson’s Bay Company, which closed all of its stores in 2025.

The transaction involves one of Victoria’s most prominent commercial properties, occupying an entire block in the city’s downtown core. The shopping centre serves as a major retail destination and is situated along some of Victoria’s busiest pedestrian corridors.

“The Bay Centre is one of the most recognizable and important urban retail assets in British Columbia,” said Henry Zavriyev, principal at Leyad. “This is a generational acquisition for our firm — a landmark property in the centre of one of Canada’s most vibrant and supply-constrained cities. We see enormous long-term potential in the asset and are excited to steward its next chapter.”

Leyad said the property is well-positioned to benefit from Victoria’s long-term economic and population growth, citing the asset’s proximity to tourism activity, office space and a growing residential base.

The acquisition aligns with the company’s strategy of acquiring community-oriented retail properties with strong real estate fundamentals and opportunities for long-term value creation through active ownership and reinvestment.

“Our focus continues to be on owning high-quality retail properties that serve as essential parts of their communities,” Zavriyev added. “The Bay Centre combines irreplaceable location, institutional quality, and meaningful future potential in a way that is exceptionally rare in the Canadian market.”

Leyad said it plans to work with tenants, local stakeholders and the broader Victoria community to enhance the property’s role as a premier downtown destination.

The purchase demonstrates Leyad’s ongoing strong appetite for retail properties across Canada.

Pictured: The Bay Centre in downtown Victoria.

Photo: CNW Group/Leyad

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