Primaris REIT has disclosed the sale price for its former Garden City Square mall in Winnipeg.

Alex Avery, the REIT’s CEO, said during a recent conference call that Primaris sold the 16-acre property for $31 million during the second quarter.

“This is our first non-core income-producing property disposition entered into since the spin-off [of Primaris back into a REIT from a company from two-and-a-half years ago] and aligns with our strategy to focus on owning a growing high-quality portfolio of leading enclosed shopping centres in Canada,” said Avery.

The price was in line with the property’s International Financial Reporting Standards fair value, he added.

Leyad announced in June that it had acquired the mall, which contains 160,000 square feet of buildings. But the Montreal-based investment and development firm did not disclose the purchase price.

The Garden City purchase was one of two large Prairies-based retail acquisitions that Leyad announced at the time. The company also bought the 550,000-sf Cornerstone shopping centre in the secondary market of Prince Albert, Sask.

Leyad is owned and led by Henry Zavriyev, who invests in diverse asset classes. Recently, Leyad has displayed a strong appetite for acquisitions, particularly in Winnipeg.

Pictured: Garden City Square in Winnipeg

Photo: Western Millwork