Montreal’s Cogir Real Estate Has Acquired Bayfield Realty Advisors And Its Portfolio Of 18 Properties Across Canada, Adding Over 2.54 Million Square Feet Of Retail And Commercial Assets To Its Holdings

Published On: November 14, 2025|Categories: Real Estate|

The transaction marks two major milestones, one for each of the companies. First, Cogir is making its first commercial expansion outside its home province of Quebec.

And for Bayfield, the transaction comes as the company’s founder Harold Spring announces his retirement after two decades of guiding the firm. Bayfield has specialized in the management and development of commercial properties, and has also been involved with multifamily assets during its 20-year history.

No financial terms have been announced.

“I am very proud of this transaction, which allows the commercial division – the very foundation of Cogir – to take a major step forward by now expanding nationwide. This is a pivotal moment and a great source of pride for the entire team,” Mathieu Duguay, president and chief executive officer of Cogir, said in the announcement Monday.

Bayfield’s portfolio is concentrated mainly in smaller cities and tertiary markets, such as Saskatoon; London, Pickering and Niagara Falls in Ontario; Port Alberni in B.C.; and Brossard and Trois-Rivieres in Quebec. It has approximately 7,000 multifamily units in its development pipeline, with two mixed-use projects under development.

Cogir grows national commercial footprint

With this acquisition, Cogir broadens its presence in Ontario, Saskatchewan, Alberta and British Columbia, while further strengthening its footprint in Quebec.

“Venturing into a market beyond Quebec is an exciting challenge. This new horizon brings renewed motivation and energy to our team, and we are enthusiastic to share Cogir’s expertise across several new Canadian markets while growing alongside new partners,” Nicolas Poirier, Cogir’s senior vice-president, commercial division, said in the announcement.

The two companies have had a relationship for many years, so Cogir is very familiar with Bayfield and its properties. Among Bayfield’s assets historically managed by Cogir are Galeries des Sources, Carrefour Pelletier, Carrefour Trois-Rivières, and Résidence du Verger in Quebec.

In addition to managing these commercial assets, Cogir is also taking over Bayfield’s Toronto downtown service office, which will continue operations following the transaction. In total, approximately 40 employees will be joining Cogir.

Bayfield has served both institutional investors and partners, as well as family offices and private investors.

“After a generation of growth and success, it is with mixed emotion that I announce my retirement and sale of Bayfield, however I am excited about the prospects under Cogir’s stewardship,” Spring said in the announcement. “Their evolution under the leadership of Mathieu Duguay has been remarkable and Bayfield is going to benefit significantly from this acquisition.”

Bernard Ockrant, who will remain as partner and CIO, added: “Growing Bayfield’s Institutional platform was a key consideration for the sale of our company, and Cogir provides the ideal basis and capital to foster our future growth. We are excited to be part of the Cogir family.”

For clients, partners and tenants, operations will continue as usual, the two firms state in the announcement.

The acquisition underscores a commitment from Cogir to strengthen its national expertise and footprint.

About Cogir Real Estate and Bayfield Realty Advisors

Founded in 1995, Cogir has nearly 20,000 employees, managing more than 520 properties located in Canada and the United States.

It oversees nearly seven million square feet of commercial properties and 74,000 housing units, including more than 270 private senior residences.

From its inception in 2005, Bayfield has been acquiring, developing, intensifying and enhancing real estate assets across the country.

Spring founded Bayfield after a diverse career encompassing both legal practices and real estate syndications. Bayfield has since evolved into a private equity real estate investment firm across several sectors of asset, property, leasing and development management.

Throughout its history, Bayfield claims it has added value to residential, retail, industrial, office and retirement assets totalling in excess of $1.5 billion.

Source Renx.ca. Click here for the full story.