The Bay Centre in downtown Victoria has a new owner.
Montreal-based real estate firm Leyad has officially taken over management and ownership of the shopping centre.
Leyad owns and manages properties across Canada, with investments in nine provinces, including major shopping centres in Ontario, Quebec and Alberta.
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The company describes the Bay Centre as a landmark property with significant long-term potential.
Leyad CEO Henry Zavriyev acknowledges the challenges facing the property but says the company is eager to begin its work.
“We know it’s going to be a challenging property, but we are up for it and we are very excited to be in Victoria and we are ready to get to work,” said Zavriyev in an interview with CHEK News.
Rather than focusing solely on retail stores, Leyad says it is exploring experiential, entertainment and destination-focused businesses that could draw more visitors to the mall.
Among the concepts being considered include laser tag facilities, pickleball courts, museum attractions and several entertainment based businesses.
No tenants have been finalized, and Zavriyev says the public should not expect official announcements until 2027.
Leyad is not disclosing how much it paid for the Bay Centre, citing a confidentiality agreement.
The property was previously sold in 2015 by the Manulife Group of Companies. While the sale price was never officially released, financial industry experts at the time estimated the transaction was worth between $100 million and $105 million.
According to BC Assessment, the current assessed value of the property is just over $55.1 million.
Despite Hudson’s Bay no longer operating in the building, shoppers should not expect a name change of the mall for now.
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