The Bélanger real estate company of Quebec acquires 1,057 housing units distributed in 39 buildings from Logisco during a transaction valued at $143 million.
This is the largest transaction ever carried out in the history of Bélanger Property Management, founded 17 years ago by businessman François Bélanger.
In the negotiations surrounding this transaction, Mr. Bélanger is particularly proud to say that these assets will remain the property of a Quebec company.
“We are happy to keep these assets in the region. We know that there are outside groups who were also interested. Management will be ensured here from Quebec,” declared Mr. Bélanger.
Two buildings on Berlioz Avenue, which belonged to Logisco, were sold to Bélanger Property Management of Quebec, like this one located at 12085.
Diane Tremblay
This large-scale transaction allows the company to considerably enhance its portfolio in the rental housing sector since it now has more than 3,000 units, both on the South Shore and the North Shore.
“It’s a real estate portfolio that is very geographically diversified. There are no iconic buildings in this. There are buildings in Val-Bélair, Loretteville, on Boulevard Guillaume-Couture in Lévis,” he lists.
Housing shortage
For its part, Logisco explains this sale by the repositioning of the company in order to respond to the problem of housing shortage.
“We want to accelerate our development by doubling our construction capacity within two to three years to deliver many more units per year. We deploy our capital in much larger asset sizes versus assets that were much smaller in size,” said Michel Parent, president of Logisco.
Among construction in progress, Logisco has four projects representing more than 700 units, worth $250 million.
With these acquisitions, Bélanger Property Management will concentrate its activities in the rental housing market.
“We have always been in multi-housing. It’s a market that has been very good for twenty years. We made our way little by little,” added Mr. Bélanger.
“It’s our raison d’être to purchase assets like this and to ensure long-term sustainability,” continued Sébastien Dion, director of acquisitions for Bélanger Property Management.
Transaction
“We were able to conclude this transaction in a few months, which is quick for a large transaction like that,” underlined Mr. Bélanger.
The new buyer intends to ensure a smooth transition. In particular, the company wishes to continue doing business with the same service providers.
“Essentially, it’s ensuring good continuity of operations. These are buildings which are already well managed and which are already occupied,” said Mr. Bélanger in closing.
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