Partners Group, the global private markets investment manager, together with its partners in the Nieuport Aviation consortium, has completed the acquisition of the passenger terminal at Billy Bishop Toronto City Airport (BBTCA) on behalf of its clients.
The Nieuport Aviation consortium includes Partners Group, InstarAGF Asset Management, Kilmer Van Nostrand, and institutional investors advised by JP Morgan Asset Management.
Nieuport Aviation encompasses long-term infrastructure owners and operators with a deep local presence, significant international expertise in managing aviation infrastructure, and a commitment to world-class client service. Nieuport Aviation has purchased the BBTCA terminal from Porter Aviation Holdings Inc. (PAHI), which has sold the asset in order to focus on its core airline business.
BBTCA is the ninth busiest airport in Canada, serving 2.4 million passengers in 2014. The terminal is a state-of-the-art facility, newly constructed by PAHI subsidiary City Centre Terminal Corp. in 2010. The airport is a major economic engine for the Greater Toronto Area, generating approximately CAD 1.9 billion in total annual economic impact and supporting approximately 5'700 direct and indirect jobs. It is accessible to about 6.6 million residents within a one-hour drive. In 2013, Billy Bishop Airport was recognized by Skytrax as one of the world's best small airports.
Todd Bright, Managing Director and Head of Americas Private Infrastructure, Partners Group, states:
"Billy Bishop Toronto City Airport is a highly attractive infrastructure asset in a stable market. Toronto is the financial capital of Canada and the airport's close proximity to the business district means it is ideally positioned to continue attracting its share of the business travel market. With a number of value-enhancing initiatives already underway at the time of acquisition, we look forward to working with our consortium partners and local stakeholders to manage the terminal efficiently, safely and with a focus on passenger experience."