Brandt Properties has made an offer to purchase and operate a large portion of Regina’s REAL District, pending approval from city council. The City revealed the offer during a briefing Friday morning. The deal, if approved by city council, would see Brandt assume control of nine properties on the REAL District campus for $6.5 million. The properties include the Ag-Ex Building, Canada Centre Building, Commercial Cattle Barn, Queensbury Convention Centre, Stockman’s Building, the Brandt Centre, the Agribition Building, the land lease for the McDonalds located at 1810 Exhibition Parkway and the parking lot west of Mosaic Stadium. As part of the deal, Brandt would also assume operation of the Queen City Ex for, “as long as it is commercially viable and there is demand for the event in the community.” Additionally, Brandt would commit to invest at least $15 million into the buildings within two years of the purchase. According to the City, the proposed sale price was affected by the age and maintenance requirements for many of the buildings. Total deferred maintenance would cost the City $73.5 million, while partial upgrades to meet acceptable city standards would total $39 million. “The proponent here is willing to take on the risk solely and [what was] important for us when we were negotiating this deal, was to try and ensure that the taxpayers reduce that liability, completely,” deputy city manager and CFO Daren Anderson told reporters Friday. “… This is about whether taxpayer dollars are best served being invested into activities like this, or best served, focusing on other core activities that the city does." The City will retain control of Mosaic Stadium, the AffinityPlex, the Co-operators Centre and the Bunge International Trade Centre. The close to 700 unionized staff employed by REAL will be transferred to Brandt, with the company assuming the existing collective agreements. As part of the deal, Brandt will offer employment to designated members of the 50 out-of-scope individuals currently employed by REAL. Any out-of-scope staff who are terminated will be offered severance, according to the terms of the offer. “Brandt has been working with the City and REAL to explore options related to the future of the REAL District,” a Brandt spokesperson told CTV News in an email. To respect council’s review of the proposal, Brandt would not comment further. In addition to needing the sign off from Regina city council, the sale is subject to REAL and Brandt board of director approvals. The deal is set to be discussed during the City’s next executive committee meeting on April 29. If passed at that meeting, the agreement will go to city council May 6. Mayor Chad Bachynski is expected to comment on the deal following next week’s executive committee meeting. CTV News also reached out to REAL for a response to Friday’s news but has not received a reply back. A REAL reckoning The proposal comes after years of financial instability and organizational turmoil for REAL. According to a 2023 report, REAL’s “limited cash reserves” were drained following the onset of the COVID-19 pandemic and a slower-than-anticipated recovery. At the time, the organization was overseeing the responsibilities of Tourism Regina and was reeling from the backlash of the failed ‘Experience Regina’ rebrand. Since the beginning of 2024, REAL has had five different people hold the role of CEO or interim CEO after former head man Tim Reid was fired by the organization in January of that year. Roberta Engel held the interim position until April 2025. Trent Fraser was then named interim CEO from April to June 2025 before Rick Bennett was hired permanently. However, Bennett was in the position for less than five months before departing last November. Fraser is once again holding the title of interim CEO. Since 2023, the organization has received significant increases in city funding and returned multiple times to council to request higher debt limits and cash to cover shortfalls. Multiple council motions have also been brought forward to debate REAL’s dissolving, but none have followed through with the idea. Anderson says the cumulation of issues played a part in the city’s reason to sell. “When we looked at it from an economic development standpoint, we really stepped back and said, ‘What should city taxpayers be putting at risk?” he said Friday. “REAL has asked for and received significant taxpayer subsidies. That plays into, we believe, the value going forward, the $79 million of cost savings for taxpayers over the next five years, but I wouldn’t say it was a driving force.” The city is also in the midst of conducting a review of the organization’s long-term viability. “We were looking at again, when you get an unsolicited offer, it’s our fiduciary duty to make sure that the taxpayers’ best interests are served and so that process has been running and it hasn’t changed,” Anderson added. “The challenges REAL has had and the taxpayer subsidies it requires to run definitely play a role in this.”
