St. Albert Centre, the city’s biggest shopping mall, has been sold to Quebec real estate company, Leyad, for $60 million in a deal that closed at the end of March.
The sale was announced by former owner Primaris REIT on April 1. Leyad, based in Montreal, is a private real estate operator with a growing national portfolio that includes Edmonton’s Londonderry Mall. The acquisition is part of Leyad’s broader strategy to expand its footprint in Western Canada.
St. Albert Centre, located at 375 St. Albert Trail, features approximately 373,000 square feet of retail space, including 74 stores and services, and parking for 1,680 vehicles. The mall was built in 1980 and underwent significant renovations in 2018.
The centre has long been anchored by a 93,300-square-foot Hudson’s Bay store, which is now set to close by the end of June as part of HBC’s nationwide liquidation process under receivership. Other key tenants include London Drugs, SportChek, Mark’s, Winners, and Ardene. The mall is also surrounded by several other major retailers, including Canadian Tire, Staples, and grocery chains, all under separate ownership.
Primaris originally acquired the mall in 2012 from Ivanhoé Cambridge, another Montreal-based firm. The recent sale of St. Albert Centre, along with the $107-million sale of Sherwood Park Mall and related properties, reflects Primaris’ ongoing strategy to focus on higher-growth, market-leading shopping centres.
With the departure of Hudson’s Bay and a new owner at the helm, the future of St. Albert Centre may involve redevelopment or reconfiguration. For now, the mall remains a central retail destination in the region, even as its next chapter begins under new ownership.
