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

(October 2024 – Calgary, Alberta) ICM Bluebird Canadian Self Storage LP (the “Fund”) is excited to announce its second partnership with IPSO FACTO Real Estate Investment (https://ipsofactoimmobilier.com) to develop a brand new Class “A” self-storage facility at 230 Rue Seigneuriale in Québec City. Based out of Montreal, IPSO FACTO is an active investor in real estate development and redevelopment projects in Quebec. This transaction marks the second collaboration between the Fund and IPSO FACTO and represents the Fund’s second greenfield development in Québec City, underscoring the strong partnership and confidence in the Québec City market.
The 1.7-acre lot was acquired in December 2022, with construction set to begin by the end of 2024. The two-storey, 909-unit facility is strategically located off Highway 40, just east of the downtown core. Much of the construction costs are already secured. Located within a 15-minute drive of downtown Québec City, the site is surrounded by established neighborhoods like Quartier 5-2 and Vieux-Moulin, and close to a major retail center featuring Walmart, Canadian Tire, McDonald’s, and more. With access to Highway 40 and proximity to downtown, the location is poised to meet strong demand from local businesses and residents. The multi-storey Bluebird facility planned for this site will benefit from its proximity to major retail, the central business district, and a densely populated area that currently lacks high-quality self-storage options.
The facility will be built in Beauport, one of Québec City’s six boroughs, known for its middle-class neighborhoods and retail development along Felix Leclerc Highway. This under-served sub-market offers an opportunity for Bluebird to establish a flagship location on a highly trafficked corridor, which will serve the entire population east of the city.
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 working through the permitting process with the City of Quebec. The Fund’s strategy for Québec City is to position Bluebird as the preeminent operator in this market with the only Class ‘A’ portfolio. Dinamo Construction (www.constructiondinamo.com) has been retained as the general contractor.
The Fund currently owns 10 properties across Canada and has a Gross Asset Value of approximately $193 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.
Oktodev
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.