(Nigel Maxwell/paNOW)

By paNOW Staff

Business and Economy

Investment and development firm that bought Cornerstone acquires South Hill Mall

Dec 11, 2024 | 2:17 PM

A Montreal-based company is looking to solidify its position as a major player in the local retail landscape.

Henry Zavriyez, CEO of Leyad announced the strategic purchase of South Hill Mall in Prince Albert. He called the acquisition a significant milestone for the real estate and investment firm known for its focus on retail properties.

“With the acquisition of South Hill Mall, Leyad continues to fulfill its commitment to fostering vibrant and convenient shopping experiences for the communities we serve,” said Zavriyev. “This strategic investment strengthens our retail presence in Prince Albert and allows us to leverage synergies across our properties, driving greater efficiencies in management and operations.”

Already in Leyad’s portfolio is Cornerstone and Stockyards in Prince Albert. This latest purchase is intended to help the company expand its market reach and create new opportunities for ‘operational efficiency and enhanced tenant services’ according to a press release by the firm.

“Having a more robust footprint in Prince Albert allows us to optimize our resources and better serve the community,” Zavriyev added. “We look forward to working with current and future tenants to create a thriving retail ecosystem that benefits everyone.”

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The company confirmed that it is negotiating with some new tenants in the South Hill Mall but did not want to release any names.

They did, however, confirm that a Jersey Mike’s will open in Cornerstone in the new year.

When Cornerstone shopping district was sold to Leyad for $94 million earlier this year, it became one of the biggest commercial and real estate transactions in Saskatchewan in the last five years.

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panews@pattisonmedia.com