Jul 3, 2024


Articles & Insights

ICM Bluebird Canadian Self Storage LP and IPSO FACTO Real Estate Investment Announce First Greenfield Development in Quebec City

(July 2024 – Calgary, Alberta) ICM Bluebird Canadian Self Storage LP (the “Fund”) is excited to announce that it has partnered with IPSO FACTO Real Estate Investment (IPSO FACTO)  (https://ipsofactoimmobilier.com) to develop a brand new Class “A” self-storage facility on Charest Boulevard in Quebec City. Based out of Montreal, IPSO FACTO is an active investor in real estate development and redevelopment projects in Quebec. This transaction marks the first partnership between the Fund and IPSO FACTO and is the Fund’s first greenfield development in Quebec City.

Located approximately four kilometers west of Old Quebec, the property fronts Charest Boulevard, a six lane East-West transportation corridor servicing the downtown core and peripheral residential and commercial nodes. Upon completion, this multi-storey Class “A” facility will feature 1,169 units and over 107,000 SF of net leasable area. Anticipated to be substantially complete in Q3 2025, this property will serve a city and community that is severely undersupplied of self-storage space with very few institutional competitors in the market. With a population of approximately 850,000, the Quebec metropolitan statistical area is the seventh largest in Canada yet has little to no existing Class “A” storage available.

Critical to the success of the project, the Fund is working with local partners Oktodev (www.oktodev.ca), who were instrumental in sourcing the opportunity, and are participating in the execution of all the Fund’s Quebec based projects. Dinamo Construction (www.constructiondinamo.com) has been retained as the general contractor and is expecting to break ground on Charest in the coming weeks.

Once fully developed this will mark the Fund’s fifth new generation Class “A” storage asset and first in Quebec City. The Fund currently owns 10 properties across Canada and has a Gross Asset Value of approximately $185 million.

About ICM Bluebird Canadian Self Storage LP

ICM Bluebird Canadian Self Storage LP is the only storage fund in Canada focused on Class “A” assets in major markets. The Canadian self-storage market is undersupplied, and the Fund was built to consolidate a portfolio of institutional quality assets from coast-to-coast.

IPSO FACTO Real Estate Investment

Created in 2000, IPSO FACTO provides its expertise and its financial resources to a top-tier client base consisting of real estate developers, managers and contractors. Their portfolio consists of holdings in building projects in multi-family rental, condominium, industrial, commercial, office properties, senior housing, student housing and land banked for short-term development purposes. Their investments have resulted in the development of over $8.8 billion in real estate projects.


Headquartered in Montreal, Oktodev is a real estate developer and investor specializing in residential development and value-add opportunities. Established in 2018, Oktodev has built a portfolio encompassing diverse assets, from large-scale multi-residential developments to industrial and commercial properties.

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