St. Albert’s biggest mall has been sold to a Quebec real-estate company for $60 million.
Primaris REIT announced April 1 that it had completed its sale of St. Albert Centre to a private real estate operator as of March 31, 2025.
The Gazette has learned that the new owner is Leyad, which a real estate company in Montreal that owns properties across Canada, including Edmonton’s Londonderry Mall.
Primaris took ownership of St. Albert Centre in 2012 when it bought the mall from the Montreal-based company Ivanhoe Cambridge.
In a press release, Primaris CEO Alex Avery said the sale of St. Albert Centre (plus the sale of the Sherwood Park Mall for $107 million that closed on Feb. 28) “further demonstrate our track record of executing on our well-defined growth strategy focused on market leading shopping centres in growing Canadian markets.”
On its website, Leyad billed St. Albert Centre as “a premier shopping destination in the heart of St. Albert” with some 373,000 square feet of space. As of April 2, it also incorrectly listed the mall’s location as “Edmonton, Alberta.”
In an email, St. Albert Centre general manager Jillian Creech said this change in ownership would not affect the mall’s plans to bring in Tesla Superchargers later this year.
The Gazette has reached out to spokespersons with Primaris and Leyad for comment on the sale and will update this story should they reply.
