On February 12, 2026, Montreal-based real estate firm Leyad announced their acquisition of St. Vital Centre, one of Manitoba’s largest and highest-performing shopping malls, for $160.5 million.
Spanning approximately 1 million square feet and home to 160 retailers, St. Vital Centre services nearly 8 million visitors a year. The MLT Aikins commercial real estate team, led by Maria Penner and including Josh Krane, India Saxberg, Carter Suski and Alli Knox acted for Leyad during the transaction, beating out more than 10 other groups also looking to purchase the asset.
“This acquisition embodies everything we look for in a community shopping centre,” said Leyad President Henry Zavriyev. “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.”
Financing for the transaction was facilitated by Lead Lender and Arranger Assiniboine Credit Union. With deep roots in Manitoba that extend back to 1943, Assiniboine Credit Union serves more than 216,000 members across Winnipeg, Brandon and surrounding rural and northern communities, managing assets totaling $9.6 billion. With decades of experience and a deep commitment to service, Assiniboine Credit Union works to build stronger communities across the province and make a meaningful impact for all those they serve.
Assiniboine Credit Union structured the financing for the purchase, bringing together five other credit unions to provide Leyad with a syndicated loan – a reflection of the potential for collaboration between credit unions when it comes to delivering large and/or complex commercial financing solutions. MLT Aikins is also proud to have acted for Assiniboine Credit Union throughout the transaction. The team was led by lawyers Marla Levene and Patrick Keating and included Brenden Drews and Skylar Ferbers, further supported by Firm Chair Adam Levene.
About Assiniboine Credit Union
Assiniboine Credit Union (ACU) is a financial co-operative with $9.6 billion in assets, locally owned by over 216,000 Manitobans. Its workforce includes nearly 1,000 Manitobans and member-owners who choose to work there. Its branch network is geographically unique and has the widest distribution of branches of any financial co-operative in Manitoba. As a certified B Corp, ACU serves its member-owners and operates on Treaty One, Treaty Two and Treaty Five lands, the homeland of the Anishinaabeg, Anisininew, Assiniboine, Dakota Oyate, Denesuline, Inninew and Saulteaux. They acknowledge the Inuit in Northern Manitoba and that Manitoba is the homeland of the Red River Métis.
To learn more about ACU visit www.acu.ca.
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