Private Montreal-based real estate investor and manager Leyad is opening a new office in Edmonton to service its growing retail portfolio in the region, where it intends to continue expanding its operations.

"Our investment strategy is built around creating long-term value in communities where retail plays a critical role," Henry Zavriyev, Leyad's CEO, said in the announcement Friday morning. "The properties we've acquired in Alberta reflect our belief in the province's economic resilience and growth potential."

Leyad currently owns and operates over 2.4 million square feet of retail real estate in Alberta, Saskatchewan and Manitoba, with a focus on high-traffic, necessity-based retail properties.

Among Leyad's largest holdings is Londonderry Mall in North Edmonton, a 780,000-square-foot shopping centre that underwent a $130 million renovation in 2017. The extensive redevelopment included modernized common areas, enhanced entrances, upgraded interior finishes and the introduction of major anchor tenants including Simons, No Frills, Shoppers Drug Mart, Service Canada and Winners.

In nearby St. Albert, a suburb of Edmonton, Leyad owns the 373,000-square-foot St. Albert Centre mall, the primary retail destination in the growing community. With a mix of national retailers and services, St. Albert Centre is positioned to meet the daily needs of families and residents in the area.

Further north, Leyad also owns Reed Crossing in Grande Prairie, a 283,000-square-foot power centre anchored by Rona, London Drugs and other national retailers. The property is a central shopping node for both Grande Prairie and the surrounding Peace Country region.

Leyad across Canada

Leyad has over 250 employees across the country, and Zavriyev told RENX about half of those people are in Western Canada where "we’re actively looking to grow."

A key component of Leyad's portfolio in Western Canada and across the country is its focus on necessity-based retail, which continues to show strength across economic cycles.

"Alberta is a dynamic market, and we're excited about the long-term opportunities here," Zavriyev said in the announcement. "Establishing a dedicated office in Edmonton allows us to deepen our local relationships and act quickly on new investment opportunities."

Leyad has been rapidly expanding its retail portfolio across Canada over the past 18 months, including its most recent acquisition of the Niagara Pen Centre in St. Catharines, Ont., for $140 million.

Like the Londerry Mall, the Pen Centre is the dominant shopping destination in its region, comprising over 1.1 million square feet of gross leasable area. The property is anchored by Loblaw Companies, Walmart Supercentre, Sephora and Lululemon, among others.

Among other recent acquisitions for Leyad is Mega Centre Lebourgneuf in Quebec City for $66.5 million. The 341,000-square-foot unenclosed power centre had 34 tenants including Costco, Canadian Tire, Sail, Maxi, Linen Chest, Value Village, Dollarama, The Home Depot, Structube, Sports Experts and Staples.

In June, Leyad closed deals for Cornerstone Prince Albert in Prince Albert, Sask., and Garden City Square power centre in Winnipeg for a combined $126 million. Cornerstone Prince Albert was acquired from Choice Properties and Springwood Developments for $94 million. It comprises about 440,000 square feet of leasable space.

Garden City Square power centre at 783-915 Leila Ave. in Winnipeg was acquired from Primaris for $32 million. The 162,209-square-foot centre sits on 15.7 acres and is fully leased to tenants including Staples, Mark’s, Liquor Mart, Moores, McDonald’s, Marshalls, Dollarama and Planet Fitness.