Real estate investment firm Leyad has acquired LloydMall.
The Montreal-based company announced the deal on March 10, noting the acquisition aligns with its focus on high-quality retail assets that provide essential services. The financial terms of the transaction were not disclosed.
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LloydMall serves a regional trade area of more than 195,000 residents across eastern Alberta and western Saskatchewan. It remains the only enclosed shopping centre in the region.
“LloydMall fits squarely within our strategy of investing in high-quality retail assets that provide essential goods and services to their communities,” Henry Zavriyev, chief executive officer of Leyad, said in a release.
Zavriyev added that grocery and pharmacy-anchored centres have become the company’s highest-grossing tenant category.
The 200,000-square-foot facility underwent a full renovation in 2021 and includes national brands such as Safeway, Shoppers Drug Mart, Urban Planet and Dollarama. Other tenants include Bath & Body Works, La Vie en Rose, Boathouse, and Quarks.
Leyad pointed to the region’s strong economic foundation in agriculture and oil and gas, as well as its growing youth population, as key factors in the acquisition.
The move follows a string of recent retail purchases by the firm, including the $160.5-million acquisition of St. Vital Centre in Winnipeg and a multi-province grocery portfolio spanning six provinces and Yukon.
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