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Leyad expands west, buys Winnipeg distribution facility

Montreal real estate owner, developer and operator grows its geographic footprint

A distribution centre at 1450 Mountain Ave. in Winnipeg has been acquired by Montreal-based Leyad. (Courtesy Leyad)
A distribution centre at 1450 Mountain Ave. in Winnipeg has been acquired by Montreal-based Leyad. (Courtesy Leyad)

In 2023, Montreal-based Leyad expanded into Atlantic Canada. In 2024, it is expanding into Western Canada with the acquisition of a 263,430-square-foot distribution centre in Winnipeg.

Leyad says the building is a state-of-the-art facility which is fully leased and located at 1450 Mountain Ave. in the city’s Inkster Industrial Park.

Financial details of the acquisition were not disclosed.

It had previously been part of Nicola Wealth’s Canadian Real Estate LP portfolio, which had acquired the property in 2011.

"We are thrilled to announce the acquisition of this exceptional industrial building in Winnipeg," Henry Zavriyev, the founder and president of Leyad, said in the announcement.

"This investment underscores our commitment to expanding our footprint and strengthening our presence in key markets. Winnipeg's strategic location and vibrant industrial landscape make it an ideal choice for our continued growth and success."

About a month ago, Leyad had also acquired the CDI College Campus at 280 Main St. The 24,000-square-foot property offers future high-rise development potential of up to 180,000 square feet and 40 storeys. It sits adjacent to newly developed 300 Main Street, Manitoba's tallest building.

1450 Mountain Ave.

The 1450 Mountain Ave. building sits on 9.27 acres of land, with the majority of the facility being occupied by Canada Goose. Other tenants include Shared Health as well as the City of Winnipeg.

The property is close to the major inland port area of Centreport Canada Way and is on a transit artery, providing ease of access for labour.

"We believe that this acquisition aligns perfectly with our long-term strategic objectives," Zavriyev added in the release.

"By investing in state-of-the-art infrastructure and expanding our operational footprint, we are well-positioned to capitalize on emerging market opportunities."

Leyad an active buyer

Leyad has been an active buyer in several real estate sectors in recent months, including two major retail acquisitions in Atlantic Canada.

Leyad, which was founded with the acquisition of a small apartment building in 2016, has since grown to specialize in the design, construction and management of residential, commercial and mixed-use properties.

The company’s move into Atlantic Canada began last October with the $61.5-million acquisition of the 363,000-square-foot Wheeler Park Power Centre on 1.5 million square feet of land in Moncton. It’s anchored by an Atlantic Superstore and also features The Brick, Old Navy and Staples.

“I think there are fewer buyers for high-quality commercial assets,” Zavriyev told RENX in an interview after that acquisition. “Public institutions and REITs are not able to buy at the moment and they need to sell for liquidity. 

“So for private buyers that have good liquidity and are in the right position, I think it's an amazing time to acquire some really, really high-quality commercial assets that probably would have been unattainable two years ago.”

In February Leyad added the 182,031-square-foot North Sydney Mall in North Sydney, N.S., for an undisclosed price. The shopping centre, on a 21.23-acre site at 116 King St., had been on the market since last fall.

Leyad also acquired two distribution centres totalling almost 400,000 square feet, as well as a smaller shopping centre, in Quebec during 2023.

The company is nearing 50 employees in two Greater Montreal offices and a Quebec City office.

Its portfolio comprises approximately 2,000 apartment units and, with the Winnipeg acquisition, over two million square feet of commercial and industrial space.

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