City to sell part of REAL Campus to Brandt Sports & Entertainment

City Council has approved the sale of buildings and land on the REAL District Campus to Brandt Sports & Entertainment.

Brandt will pay $6.5 million to purchase the Brandt Centre, Queensbury Centre, AgEx Building, Canada Centre Building, Stockman’s Arena and Cattle Barn along with the surrounding parking lots and land. The price is based on an independent real estate appraisal and reflects the significant age of the buildings and the high cost of necessary deferred maintenance.

“This is a major opportunity for private sector investment to transform commercial sports and entertainment facilities to host great events in our city. The partial sale of the REAL Campus takes a significant capital risk off the City and allows taxpayer funding to be prioritized for core City infrastructure and services, such as roadways and public recreation,” said Regina Mayor Chad Bachynski.

Over five years, the sale will save taxpayers $79 million on operating and maintenance costs. The buildings are 45 years old on average and in need of substantial upgrades to meet an acceptable standard.

Brandt commits to investing $15 million in upgrades within the next two years, to assume all unionized staff and to host cornerstone events like Canadian Western Agribition and the Queen City Ex.

“Our focus now is on working collaboratively with the City, REAL and key stakeholders to deliver on what’s been approved by City Council. We’re committed to investing in these facilities and following through on commitments that strengthen the site and deliver meaningful, long-term benefits for Regina residents,” said Shaun Semple, Owner, Brandt Sports & Entertainment.

The City will retain ownership of newer buildings including Mosaic Stadium, Co-operators Centre and the AffinityPlex, which host most community events and sports. The City will maintain ownership of the Bunge International Trade Centre (ITC), which Brandt will lease and operate.

City Administration will begin negotiating the final sale contract with Brandt between now and June 30 with land transfer of some buildings happening in July and September of this year.