The Logisco group announced on Monday the acquisition of Les Immeubles Couillard of nearly 450 residential apartments for a transaction valued at $ 52 million, after several months of discussions.
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Logisco becomes the owner, among other things, of the Battlefield, located at the intersection of Avenue Brown and Grande Allée Ouest.
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The real estate portfolio covered by this transaction consists of Les Jardins Innovation, the Brown Building and Le Battlefield, located in Sainte-Foy and in the heart of the Montcalm district.
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The Innovation Gardens
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“We are always on the lookout for what the economic landscape may hold in store for us, but we are not crossing our arms either. We are continuing our progress in the market. We’ve been working on this transaction for over a year, ”said Michel Parent, President of Logisco.
The Logisco group is more than happy with this new acquisition, which is one of the most important in the history of multi-residential real estate in the Quebec City region.
This latest acquisition increases its residential real estate stock by more than 10%, which now stands at 4,750 apartments.
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The Brown Building
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“Companies that have less succession and have the desire to sell their assets must know that we are buyers, even if the general public knows us more for the development of new products,” he added.
The pandemic
Despite the pandemic, demand in the multi-family housing segment continues to be strong, according to Parent. However, the hotel subsidiary is affected. As for retirement homes (RPA), the income is still there. However, the company deplores an explosion in costs.
“The spending got out of hand. It increases wages. Our employees are being robbed. It’s very difficult in RPAs. In sales and offices, we have customers who no longer have the capacity to pay their rent. Despite all that, when you compare yourself to a lot of other players, you consider yourself relatively privileged. We adapt. We find solutions. We want to move forward, ”concluded Mr. Parent.
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