Leyad, a Montreal-headquartered real estate investment and management firm, has completed its acquisition of a portfolio of 22 single-tenant retail properties leased to Loblaw Companies Limited across 10 Canadian provinces, representing approximately $300 million in transaction value.
Loblaw is Canada’s largest food retail and pharmacy leader. The acquired portfolio is comprised of single-tenant properties leased to Loblaw on triple-net leases, with a weighted average lease term of approximately 14 years. Following the transaction, Loblaw is Leyad’s largest tenant by revenue.
According to the company, the acquisition is the largest Canadian year-to-date retail real estate transaction completed. RENX.ca reports the seller is a US vendor that cannot be publicly named due to a non-disclosure agreement; the same seller was behind Leyad’s purchase of seven other Loblaw-leased stores totaling 387,000 square feet from earlier this year.
“This is a defining transaction for Leyad and an important milestone in the continued growth of our national platform,” said Greg Castiel, senior vice president of commercial at Leyad. “The portfolio is highly complementary to our strategy of owning high-quality, necessity-based retail real estate supported by strong tenants and long-term leases. This transaction meaningfully increases our exposure to the grocery sector.”
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