Montreal-based real estate firm Leyad has acquired St. Vital Centre in Winnipeg for $160.5 million from the Ontario Pension Board, adding one of Manitoba’s top-performing shopping centres to its growing national portfolio. The two-level enclosed mall spans about 1 million square feet of gross leasable area, attracts roughly eight million visitors annually, and houses about 160 retailers.
Located in south Winnipeg, St. Vital Centre serves as the dominant enclosed mall for the city’s south and southeast trade areas. The property offers a broad mix of fashion, services, electronics, and food-and-beverage tenants, positioning it as a key regional shopping destination.
Leyad’s purchase continues a rapid expansion strategy across Canada, particularly in the Prairie provinces, where the firm has been acquiring dominant regional malls and necessity-based retail centres.
New Ownership Signals Long-Term Strategy
“This acquisition embodies everything we look for in a community shopping centre,” said Henry Zavriyev, President of Leyad. “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.”
The transaction was financed through a syndicated loan provided by six Canadian credit unions. The financing structure reflects institutional confidence in the asset and in Leyad’s operating platform.
“This syndication highlights the ability of Canadian credit unions to collaborate on large, institutional-quality transactions while supporting assets that matter to their communities,” Zavriyev said.
The St. Vital Centre acquisition represents another milestone for the privately held real estate firm, which has grown quickly since its founding in 2016. The company positions itself as a long-term investor focused on transforming and actively managing retail properties rather than pursuing short-term flips.
Uniqlo to Join Tenant Lineup
Leyad has confirmed that Uniqlo will open a store at St. Vital Centre after the acquisition closes. The Japanese apparel retailer’s arrival will further strengthen the centre’s tenant mix and is likely to draw additional regional traffic.
The store will mark the second Uniqlo location in Winnipeg. The company recently announced plans to open another store at CF Polo Park in spring 2026, signalling growing confidence in the city as it expands its Canadian footprint.
Uniqlo has been increasing its presence in Canada in recent years, particularly in major urban markets. Its entry into two of Winnipeg’s dominant regional malls underscores the continued relevance of strong enclosed centres in key trade areas. Aurora Retail Group’s Jeff Berkowitz is handling the retailer’s Canadian leasing mandate.
Centre Profile and Tenant Mix
St. Vital Centre is a fully enclosed, one-level regional mall surrounded by extensive surface parking. The centre hosts more than 160 retail, service, and food-and-beverage tenants, with a mix that skews toward national chains and everyday services.
Fashion tenants include mid-market apparel and accessories brands such as Ardene, American Eagle, Bikini Village, Bluenotes, and Blackwell Supply Co. Beauty and personal-care retailers include Bath & Body Works, while electronics and wireless offerings include operators such as BellMTS and Best Buy Express. Jewellery retailers, including Ben Moss, add to the centre’s mid-market positioning.
The food component includes a typical enclosed-mall food court lineup, with brands such as A&W, Dairy Queen and Orange Julius, Thai Express, and Taco Time. This everyday-convenience orientation supports steady traffic alongside discretionary retail spending.
Amenities at the centre include climate-controlled common areas, accessible washrooms, and extensive parking, reinforcing its role as a primary enclosed retail destination for the surrounding suburban trade area.
Position in Winnipeg’s Retail Landscape
Within Winnipeg’s retail hierarchy, St. Vital Centre functions as the dominant enclosed mall for the south and southeast quadrants of the city. It complements the broader regional draw of CF Polo Park on the west side while outperforming older community malls in tenant mix and traffic.
The centre also places emphasis on community-oriented programming. Recent initiatives have included cultural markets, seasonal promotions, and specialty events designed to increase foot traffic and maintain relevance beyond traditional retail offerings.
This combination of mid-market fashion, services, and experiential programming has supported the mall’s strong traffic levels and stable positioning within Winnipeg’s retail landscape.
Part of a Broader National Expansion
The St. Vital Centre acquisition aligns with Leyad’s strategy of building scale around dominant regional retail assets across Canada. The company’s portfolio includes a mix of enclosed malls, power centres, and necessity-based retail properties.
Key holdings include Niagara’s Pen Centre in St. Catharines, Londonderry Mall and St. Albert Centre in the Edmonton area, and several power centres in Quebec, Alberta, and Atlantic Canada. The firm has also expanded into Winnipeg through multiple acquisitions, including retail, industrial, and mixed-use assets.
Leyad reports owning and operating millions of square feet of retail space across Western Canada alone, underscoring its focus on regional centres with strong everyday-needs tenant mixes.
The company has also demonstrated a willingness to reposition large anchor spaces. At Londonderry Mall in Edmonton, for example, Leyad has re-leased most of a former Hudson’s Bay box and introduced a new Zellers anchor as part of a rapid redevelopment strategy.
The million dollar question is what they will do with the Hudson’s Bay box. For a start, it is awkward (it has a second level with no mall access). But the bigger problem is the fact that mall management already subdivided a previous department store box (the Sears space, originally Eaton’s), so the tenants which the landlord might wish to bring in to occupy the former Bay space are likely already occupying the former Sears space.
The ex-HBC box should either filled with a single tenant like Simons in the existing building or torn down and replaced with a mixed-use tower with a residential component.