Leyad has acquired the Pen Centre, Niagara Region’s dominant shopping destination, in a landmark transaction valued at $140 million.
Leyad is a privately held real estate investment and development firm focused on acquiring and repositioning strategic assets in high-growth markets. With a growing portfolio across major Canadian cities, Leyad said it is committed to building communities and creating long-term value through visionary real estate projects.
The shopping centre was previously owned by Investment Management Corporation of Ontario.
Located in St. Catharines, the Pen Centre comprises over 1.1 million square feet of gross leasable area on 2.8 million square feet of land. The property is anchored by leading national tenants including Loblaw Companies, Walmart Supercentre, Sephora, and Lululemon, all of which are secured under AAA covenants, noted Leyad.
“This is a transformational acquisition for Leyad,” said Henry Zavriyev, CEO of Leyad. “The Pen Centre is not only a premier retail destination serving over 8 million visitors annually, but also a site with extraordinary long-term development potential.
“We see the opportunity to bring thousands of multi-residential units to this already-thriving hub, adding immense value to the community.”
With current retail sales of approximately $650 per square foot, the Pen Centre is a high-performing asset in one of Canada’s most vibrant and growing regions, explained the company.
“Leyad’s vision is to maintain and elevate the Pen Centre’s role as the commercial anchor of the Niagara region while actively exploring the site’s significant mixed-use redevelopment potential,” it said.
“The acquisition marks one of the most substantial retail real estate transactions for the region in recent years and reflects Leyad’s continued focus on strategic, value-add investments across Canada.”
Related Retail Insider stories:
