Société immobilière Bélanger has completed its acquisition of 39 rental-apartment buildings in the Quebec City region from Logisco for $143 million.

Bélanger’s agreement to acquire the assets was previously reported by media outlets but not formally announced

The portfolio contains small buildings with 1,057 units altogether. The deal marks the largest acquisition in Bélanger’s 17-year history. Bélanger also called it the company’s the “most important” all-time purchase.

“This acquisition marks a decisive step for the company, demonstrating its commitment to the real estate market in the region where it originated,” said Quebec City-based Bélanger in a news release. “Société immobilière Bélanger is particularly proud to keep these assets within a local company, while ensuring a seamless transition for tenants and partners.”

The acquisition expands Bélanger’s real estate holdings to more than 3,000 rental units across Quebec City’s north and south shores.

Logisco President Michel Parent recently told Le Journal de Québec that the firm’s divestment is part of the company’s shift designed to address Canada’s housing shortage by acquiring much larger assets.

Meanwhile, Bélanger President and CEO François Bélanger previously told the Journal that the remains committed to the rental market.

Photo: Logisco (CNW Group/Société immobilière Bélanger)