Leyad has acquired Winnipeg’s St. Vital Centre mall from the Ontario Pension Board for $160.5 million.

The seller was not identified in a Leyad news release, but OPB was the known previous owner. St. Vital Centre comprises approximately 1 million square feet of gross leasable area and contains 160 diverse retailers. A Uniqloo store is set to open there in the near future.

“This acquisition embodies everything we look for in a community shopping centre,” said Henry Zavriyev, president of Leyad. “St. Vital Centre is dominant in its market, anchored by essential retail, deeply embedded in the daily lives of the community, and positioned for many decades of continued success. We are proud to become its long-term steward.”

Leyad financed the transaction through a syndication of six leading credit unions. The financing deal underscored both the strength of the asset and the depth of confidence from Canada’s credit-union system in the company’s operating platform, said Leyad.

“This syndication highlights the ability of Canadian credit unions to collaborate on large, institutional-quality transactions while supporting assets that matter to their communities,” said Zavriyev.

Terms of the financing deal were not disclosed.

Leyad said the acquisition of St. Vital Centre marks a significant milestone in the company’s growth and further solidifies its position as a leading owner of high-quality community retail in Canada.

Montreal-based Leyad expanded into Manitoba in 2024 through the acquisition of the CDI College campus in downtown Winnipeg. The same year, Leyad expanded its Winnipeg footprint with the acquisition of Johnson Terminal, a trophy-class mixed-use commercial real estate hub that includes retail units, including restaurants, and office spaces.

Leyad purchased Johnson Terminal from Artis, which has ceased doing business as a REIT and merged into a new company known as RFA Financial.

Pictured: St. Vital Centre in Winnipeg.

Photo: CNW Group/Leyad