Montréal-based real estate company Galion has made the largest acquisition in its history, buying five large-format RONA and RONA L'Entrepôt stores on Montréal's South Shore, for an amount “exceeding $100 million.”

The acquired properties are located in Saint-Bruno-de-Montarville, Brossard, Granby, Beloeil and Saint-Hyacinthe. The acquisition adds 620,000 square feet to Galion’s portfolio, which now includes 73 properties across Québec comprising over 2.6 million square feet of space. 

"This acquisition marks a turning point in Galion's history,” Yves Sanscartier, the president of Galion, said in Wednesday’s announcement. “Not only is it the largest transaction we have completed, but it also allows us to continue our entry into the large-format retail segment, a strategic market offering strong growth prospects.”

The company's assets are now approaching $1 billion, and Galion is planning to double the value of its holdings “in the short term.”

"These acquisitions are fully aligned with our vision of sustained and disciplined growth,” Sanscartier added, in the release. “They strengthen the quality and diversification of our portfolio while consolidating our presence on Montréal's South Shore, a dynamic and attractive market. We see strong long-term value creation potential.”

The vendor was not identified in the announcement.

Strong presence on Montréal's South Shore

Galion's portfolio includes office and retail space, light industrial properties, and gas stations, reflecting its diversification strategy across Québec. It also has a series of properties either under development or redevelopment.

In addition to expanding via acquisitions, it is also involved in development, property management and tenant services.

The acquisition of the five RONA and RONA L'Entrepôt stores strengthens Galion's presence on the South Shore, where it already owns several other properties, notably in Brossard with the Jonxion project completed a few years ago, at the corner of Lapinière and du Quartier boulevards. 

The complex of four office towers, totalling nearly 500,000 square feet of space, has an occupancy rate of 98 per cent. It is home to a range of tenants such as Beneva, Hydro-Québec, General Electric, Vinci Construction, CYME International, OACIQ, Raymond Chabot Grant Thornton, Fédération des Caisses Desjardins du Québec and others.

Other holdings include office and commercial properties at 1600 Crémazie Blvd., E., 7100 Jean Talon, 6500 rue Transcanadienne and 1000 rue de Sérigny across Greater Montréal.

Galion was founded in 2009 and currently employs 42 people through its Montreal head office.