- What IMCO has agreed to sell Niagara Pen Centre for $140m
- Why The valuation translates to a first-year capitalization rate of 7%
- What next The deal is expected to close at the end of April
Leyad has agreed to acquire Niagara Pen Centre from Investment Management Corp. of Ontario for $140m, Green Street News can reveal.
The deal is expected to close at the end of the month. The valuation translates to a first-year capitalization rate of 7%.
As reported by Green Street News, IMCO began mulling the sale of Niagara Pen Centre in early 2024. At that time, market pros pegged the value at $125m, translating to a first-year capitalization rate of 8.5%.
At 221 Glendale Avenue in St. Catharines, Ont., the 1m sq ft mall is the largest in the Niagara region. Anchor tenants include Landmark Cinemas, Walmart and Zehrs. Hudson’s Bay is also an anchor, although the location will close by June.
Niagara Pen Centre was completed in 1957 and underwent a $13m renovation in 2011. There are 5,000 parking spaces. The mall attracts over 10 million visitors per year.
IMCO is an independent corporation that invests on behalf of Ontario’s public-sector institutions. Headquartered in Toronto, the firm had $11.5bn in real estate assets under management at yearend 2024. Bert Clark is president and chief executive officer.
Leyad is a real estate investment and development firm based in Montréal. The company’s portfolio includes over 30 properties. Henry Zavriyev is president and chief executive.
Leyad acquired South Hill Place in Saskatchewan for $19m in December and picked up St. Albert Centre in Alberta for $60m in March.
