The deal marks one of the largest real estate transactions in the area
Leyad has purchased the Pen Centre in St. Catharines for $140 million, in what the company is calling a “transformational acquisition” for both its portfolio and the Niagara Region.
The deal marks one of the largest retail real estate transactions in the area in recent years.
“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,” said Henry Zavriyev, CEO of Leyad.
Located on 2.8 million square feet of land, the shopping centre features over 1.1 million square feet of leasable space and is anchored by top national retailers including Walmart Supercentre, Loblaw Companies, Sephora and Lululemon.
Zavriyev said Leyad sees an opportunity to bring “thousands of multi-residential units to this already-thriving hub, adding immense value to the community.”
Leyad says it plans to maintain and enhance the Pen Centre’s role as the commercial anchor of the Niagara Region, while exploring mixed-use redevelopment opportunities.