The businessman’s real estate portfolio behind Harveycorp is growing into the large Quebec region.
After having bought the former factory of the pharmaceutical company Medicago for 17 million with Marc Lebel in November 2024, Hugues Harvey became the owner of four buildings for 31.7 million. These acquisitions were made in partnership with Harveyferet inc., Of which Victor Feret is the president.
More than 14 million were used to acquire the building of nearly 260,000 square feet of the 505, boulevard du Parc Technologie in Quebec. Among the tenants, there are the Giroux Arperteurs-Géometers group, as well as the engineering firm includes Corp.
The rest of the envelope enabled investors to get their hands on the buildings of 1984, 1986 and 1990, 5th rue in Lévis. Despite spaces still for rent, the complex houses the premises of the Maubec, Ellipse Assurances and the firm EX coating manufacturer.
On the phone with The sunHugues Harvey says other transactions are on the table.
“We expect to integrate four to six buildings in the year 2025 on the Quebec side. Surely 300,000 to 400,000 square feet that could be added to the park, ”says the promoter.
A spark plug
While Mr. Harvey has been developing sites dedicated to life sciences in the major Montreal region for more than ten years, the opportunity arose to buy the old Medicago factory in the Estimauville sector. He wishes to convert unused installations since 2023 into a pole focused on the life sciences.
“It was already a big move Add 700,000 square feet of specialized real estate in Quebec. It must be understood that it is almost half of the square foot that we have available in Montreal. And the Quebec market is a little smaller, ”he slips.
His forecasts were however shaken by the enthusiasm of private companies wishing to have a footing in the region.
“We thought of welcoming the first tenants in 24 months. Then, we welcomed the first tenants after seven months. It gives an idea of market vitality. It is beyond our expectations, ”says the investor, who has just welcomed Lumir Lasers in his premises.
“We thought that the demand is there. It has generated our interest, ”he adds, about the reasons which pushed him to make these new acquisitions.
Confident for the future
With the properties that have just been added to its portfolio, the promoter borders on the million square feet in specialized real estate in Quebec. Mr. Harvey notes that he is at the top of the peloton, while few players venture into this niche involving many barriers to the entrance.
“Many players wanted to get started, but did not do it because it is extremely complex as a type of project,” he explains.
“As long as it is written” laboratory “, my phone rings first everywhere in Quebec.”
— Hugues Harvey, president of Harveyycorp
This niche is promised to a bright future, is convinced the businessman.
If the sector has experienced a rebirth in the era of the pandemic, Mr. Harvey argues that the market has not shortlisted. “The market is growing. Canada wants to become more and more independent in the development, among other things, of life sciences and drugs, “he concludes, while indicating that tensions with the United States also allow this boom.
Roadmap
Established since 2001, Harveycorp has invested tens of millions of millions in the industrial, commercial and offices sectors in Quebec, Montreal and Saguenay. To date, more than 50 % of its portfolio includes real estate specializing in life sciences.
A known promoter in Saguenay, he is behind the modernization of the city center of Jonquière. He also founded the Harvey Aviation Services aircraft maintenance and helicopter company at Saint-Honoré airport.
In addition to the conversion project of the former Medicago factory in Quebec, Mr. Harvey is developing a private industrial park – Charny industrial island – located in Lévis. The first 40,000 square feet building in a series should be completed for the fall of 2025.
