Leyad’s rapid expansion in Winnipeg has continued through the purchase of Winnipeg’s Johnston Terminal.

Montreal-based Leyad announced Friday that it has acquired the trophy-class, mixed-use asset from Winnipeg-based Artis REIT for an undisclosed price.

Johnston Terminal was built in 1928 as part of the city’s railway system. Today, it is a popular, upgraded mixed-used commercial real estate hub that includes retail units, including restaurants, and office spaces.

The property is located at the Forks, a historic waterfront site located at the confluence of the Red River and Assiniboine River.

“We see tremendous potential in Winnipeg’s commercial real estate market,” said Zavriyev, Leyad’s CEO. “Our investment in Johnston Terminal reflects our confidence in the city’s economic growth and our ongoing commitment to investing in top-tier assets that deliver long-term value.”

The deal is Leyad’s third in Winnipeg in the three months that it has operated in Manitoba.

The company expanded into Manitoba in February with the purchase of CDI College campus in downtown Winnipeg, from Artis. Then, in March, Leyad bought a 263,430-sf industrial building located at 1450 Mountain Avenue in Winnipeg from an undisclosed seller.

(According to a published report, Nicola Wealth previously owned the property.)

The Johnston Terminal disposition marks the continuation of an asset sell-off for Artis. The transaction was announced a day after the REIT confirmed that it has agreed to sell a Houston industrial property to an undisclosed buyer for $232.2 million.

Artis previously said it has sold upward of $500 million of assets during an ongoing strategic review. The review is designed to reduce the strengthen the REIT’s balance sheet, reduce debt and increase liquidity while raising the unit price.

Photo: CNW Group/Leyad