Change of Ownership at Billy Bishop Toronto City Airport’s Passenger Terminal
- January 25th, 2019
TORONTO, Jan. 25, 2019 (GLOBE NEWSWIRE) — Institutional investors advised by J.P. Morgan Asset Management have agreed to consolidate ownership of Nieuport Aviation Infrastructure Partners GP (Nieuport Aviation)—which owns and operates the passenger terminal at the award-winning Billy Bishop Toronto City Airport—through the acquisition of the interests owned by their current consortium partners, InstarAGF Asset Management Inc., funds managed and/or advised by Partners Group and Kilmer Van Nostrand Co. Limited. The consortium acquired the passenger terminal from Porter Aviation Holdings Inc. in January 2015.
This acquisition represents a consolidation of ownership of the passenger terminal by core infrastructure investors with a long-term investment horizon and ongoing access to capital, including investments on behalf of millions of Ontario and Canadian families.
“Our private sector investment has been crucial for adding passenger value and enhancing service, which directly supports Billy Bishop Airport in delivering billions of dollars in economic benefits to the city and region,” said Neil Pakey, CEO of Nieuport Aviation. “We will continue to build on this significant contribution alongside our airport partners, including PortsToronto, Porter, Air Canada, Stolport and the local community, to create a first-class airport for the 21st century.”
Billy Bishop Airport, which is owned and operated by PortsToronto, is renowned for its efficiency, service and close proximity to downtown Toronto. Billy Bishop Airport is consistently recognized as one of North America’s top airports by the Airports Council International’s (ACI) Airport Service Quality Awards and Skytrax World Airport Awards, and was named fourth Best International Airport by Condé Nast Traveler in 2017. The airport, which is critical transportation infrastructure for the city of Toronto, welcomes more than 2.8 million passengers annually and is a significant economic driver locally and nationally, accounting for more than $2.1 billion in economic output each year and supporting 6,500 jobs, including 1,960 associated directly with the airport operations.
Over the last four years, Nieuport Aviation has invested more than $50 million in the airport, including the recently completed terminal upgrade. The terminal now has more spacious passenger lounges, new food, beverage and retail concessions including a duty-free store that are reflective of the city and region, and an additional gate.
The financial terms of the transaction were not disclosed. The acquisition is subject to customary closing conditions and currently expected to close in the first quarter.
About Nieuport Aviation (http://www.nieuport.com)
Nieuport Aviation, owner and operator of the passenger terminal at Billy Bishop Toronto City Airport, works closely with the airport community including PortsToronto to deliver an exceptional passenger experience and to sustain our position as a world-class regional airport. To help provide a seamless travel experience for the 2.8 million annual passengers, Nieuport delivers daily terminal operations and a complimentary bus shuttle service between the airport and downtown Toronto, and has invested millions on a terminal upgrade that reflects our city and region.
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Nieuport Aviation Infrastructure Partners GP