St. Vital Centre purchased for over $160M

A Montreal-based company has purchased St. Vital Centre for $160 million.

Winnipeg’s St. Vital Centre has been purchased for more than $160 million.

On Thursday, real estate investment and development firm Leyad announced that it acquired the mall for $160.5 million.

It noted that the transaction was financed through a syndicated loan provided by six credit unions.

“This acquisition embodies everything we look for in a community shopping centre,” said Henry Zavriyev, President of Leyad, in a news release.

“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.”

According to Leyad, St. Vital Centre sees about eight million visitors a year.

It notes the shopping centre encompasses about one million square feet of gross leasable space, as well as 160 retailers.

Leyad bought the mall from the Ontario Pension Board.