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Jay Westman announced a $5-million gift to the University of Calgary’s Haskayne School of Business on Wednesday to set up the Westman Centre for Real Estate Studies. (Kyle Bakx/CBC)

Calgary builder and developer Jay Westman is giving $5 million to the University of Calgary’s Haskayne School of Business.

The donation will be used to establish the Westman Centre for Real Estate Studies.

"This centre will promote leadership development and fill a need in our community by training future leaders in the real estate industry,” said Elizabeth Cannon, president of the University of Calgary, in a release.

Students will do course work specific to various aspects of the real estate industry including building, public policy, finance, development and marketing while faculty members will do industry-specific research, the university said.

"The real estate and development industry has had a strong hand in shaping this community and in building Calgary's reputation as one of Canada's most entrepreneurial cities," said Westman in a release.

"The industry has really come of age here. I am committed to its ongoing strength through the development of responsible business leaders, and I believe the Haskayne School of Business is the place to make that happen."

Westman is the owner and co-founder — with his late father — of Jayman, one of the largest home building companies in Western Canada.

The donation will support the school's aim to offer a full undergraduate concentration in real estate as well as an MBA specialization in the next two years, the university said.