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Société immobilière Bélanger completes a $143 million acquisition, adding 1,057 units to its portfolio and expanding its presence in Quebec City. The company invests $5 million to upgrade 49 older buildings with energy-efficient systems, targeting a 40% reduction in emissions. Leadership restructuring and upcoming development projects signal a strategic move toward sustainable growth and housing expansion.
How a $143M Deal Changes the Real Estate Game in Quebec City
Société immobilière Bélanger completed its largest acquisition in January 2025 through a $143 million transaction with Logisco. The purchase includes 1,057 rental units across 39 buildings, expanding the company’s portfolio to more than 3,000 units within the Greater Quebec City area. These properties are located on both sides of the St. Lawrence River, including key districts such as Val-Bélair, Loretteville, and Lévis.
This transaction, carried out in a few months, strengthens the company’s local footprint and keeps the assets under Quebec ownership. The buildings consist mainly of brick-and-wood structures ranging from 20 to 25 units each, with the largest complex featuring 70 units. Financing for the acquisition was secured through the Canada Mortgage and Housing Corporation (CMHC).
Société immobilière Bélanger signaled its intent to expand its activities into property development following this acquisition. It plans to begin new housing construction projects in 2025, using CMHC programs to develop both affordable and energy-efficient units.
Société immobilière Bélanger Doubles Down on Energy Efficiency in 2025
In April 2025, Société immobilière Bélanger launched a $5 million energy-efficiency initiative across 49 of its buildings. This project affects over 1,300 rental units and is supported by CMHC financing programs. The modernization efforts are scheduled to be completed by November 2025.
Each property has undergone a detailed energy audit. The company targets a 40% reduction in greenhouse gas emissions and aims to cut energy consumption while improving tenant comfort. The scope of the upgrades includes:
- Over 495 high-efficiency heat pumps installed
- 13 central heating and hot water systems optimized or replaced
- 2,500 low-flow plumbing fixtures installed
- 1,340 apartments upgraded with LED lighting
- Improved airtightness in 490 units
- Roof insulation across multiple buildings
Most of the buildings are more than five decades old, posing technical and operational challenges. The company is evaluating the potential for obtaining certifications aligned with recognized energy performance and decarbonization standards.
Inside the Strategy: How Leadership Changes Fuel Expansion
Following the acquisition, the company reorganized its leadership structure to strengthen its acquisition capabilities. Sébastien Dion, previously Director of Acquisitions, was named Vice President, Development and Acquisitions. He brings over a decade of experience in Quebec’s real estate sector, focusing on asset integration and energy-efficient portfolio growth.
Evguenia Kapchii leads acquisitions in Montreal. A graduate of McGill University, she has overseen more than $300 million in transactions and has experience in large-scale residential portfolios. Her background includes founding her own brokerage firm and working with InterRent REIT.
Georges Tardif manages acquisitions in Quebec City. His expertise includes negotiations and trend analysis, backed by a background in construction electricity, which supports his technical evaluations of new properties.
François Lévesque joined the team as Strategic Advisor, Risk and Financing. With 35 years at CMHC, he played a role in developing the APH Select program and contributed to financing strategies for social and affordable housing.
Why Tenants Benefit More Than You Might Think
The ongoing energy-efficiency upgrades bring direct advantages for tenants. Residents benefit from enhanced thermal comfort, improved air sealing, and the installation of efficient heating and lighting systems. These upgrades reduce overall utility expenses while maintaining housing stability.
All modernization work is designed to avoid relocation. Planning minimizes disruptions, ensuring that improvements are completed with residents in place. The changes also contribute to longer-term property value while maintaining livability for tenants.
Building More Than Properties: Tackling the Housing Shortage
Société immobilière Bélanger is entering the development phase of its real estate operations. With the housing market in Quebec City facing inventory pressure, the company plans to launch its first construction projects in 2025.
These new developments will focus on energy efficiency and affordability, aligning with both internal sustainability objectives and CMHC funding requirements. The expansion into development represents a structural response to housing demand in key districts across the Greater Quebec City area.
A New Chapter for Société immobilière Bélanger
Société immobilière Bélanger combines asset acquisition, energy modernization, and development planning in its current strategy. The acquisition of over 1,000 units, investment in energy retrofitting, and leadership restructuring collectively signal a long-term operational direction.
With more than 3,000 rental units and development initiatives set to begin, the company solidifies its position in Quebec’s real estate sector through consistent asset growth and environmental integration.
