Leyad announced today the acquisition of The Bay Centre, one of Victoria’s most iconic and strategically located commercial properties.
Located in the heart of downtown Victoria, The Bay Centre is a trophy retail and mixed-use asset spanning an entire city block and serving as a cornerstone of the city’s retail and pedestrian core.
“The Bay Centre is one of the most recognizable and important urban retail assets in British Columbia,” said Henry Zavriyev, Principal at Leyad. “This is a generational acquisition for our firm — a landmark property in the centre of one of Canada’s most vibrant and supply-constrained cities. We see enormous long-term potential in the asset and are excited to steward its next chapter.”
The property occupies a premier location in downtown Victoria with direct exposure to the city’s strongest pedestrian corridors, tourism activity, office concentration, and growing residential population. Leyad believes the property is exceptionally well-positioned to benefit from Victoria’s long-term economic and demographic growth trends.
The acquisition aligns with Leyad’s investment strategy focused on acquiring irreplaceable community-oriented retail properties with strong underlying real estate fundamentals, daily-needs tenancy, and opportunities for long-term value creation through active ownership and strategic reinvestment.
“Our focus continues to be on owning high-quality retail properties that serve as essential parts of their communities,” Zavriyev added. “The Bay Centre combines irreplaceable location, institutional quality, and meaningful future potential in a way that is exceptionally rare in the Canadian market.”
Leyad intends to work collaboratively with tenants, local stakeholders, and the broader Victoria community to further enhance the property’s role as a premier downtown destination.
About Leyad
Leyad is a real estate investment and development firm focused on acquiring and operating high-quality retail, commercial, and residential assets across Canada, with an emphasis on necessity-based real estate.
