Leyad has acquired two large retail power centres in Saskatchewan and Manitoba.

Montreal-based Leyad announced that it has purchased the 550,000-square-foot Cornerstone shopping centre in the secondary market of Prince Albert, Sask. Leyad indicated that it plans to expand the centre, which is situated on 80 acres of land.

“The majority of the buildings were built in the last 10 years and several land parcels remain available for future development,” said Leyad in a news release. “Active discussions are underway with major retailers for potential new pads.”

Cornerstone is anchored by Rona, Michaels and Shoppers Drug Mart. Other tenants include Marks, Reitmans, Pet Valu, Best Buy, TD Bank, RBC, Scotiabank, CIBC and BMO.

Leyad said it has also acquired Garden City Square in Winnipeg. The shopping centre comprises 160,000 sf of buildings on 16 acres of land.

The mall’s tenants include Staples, Marshalls, Dollarama, JYSK, and McDonald’s.

“We don’t anticipate any changes to this centre over the near term,” said Henry Zavriyev, Leyad’s CEO.

The purchases are among several that Leyad has made on the Prairies in recent months as the company seeks to expand its presence in Western Canada.

Meanwhile, completed $60 million worth of acquisitions in the second quarter, including a multi-tenant distribution centre in Quebec and several mid-rise apartment buildings in Alberta.

“Leyad is actively pursuing new opportunities and we will be announcing several other significant transactions in the coming months across Canada,” said Zavriyev.

Pictured: Cornerstone Prince Albert shopping centre

Photo: CNW Group/Leyad