Canadian alternative investment manager Fengate Asset Management has acquired a portfolio of wireless communications towers, located in nine states across the United States. The seller was Jacksonville, Florida-based communications tower developer TowerCom. No financial terms were disclosed.
TORONTO, April 13, 2022 /PRNewswire/ – Fengate Asset Management (Fengate) is pleased to announce financial close on the acquisition of a significant portfolio of high-quality wireless communications towers, located in nine states across the United States, from Florida-based TowerCom, LLC (TowerCom). Fengate is managing this acquisition on behalf of the Fengate Infrastructure Yield Fund and its affiliated entities, including an investment fund owned by LiUNA’s Pension Fund of Central and Eastern Canada.
This acquisition builds on the multi-year partnership between Fengate and TowerCom launched in September 2020 to support the development and construction of new towers as well as Fengate’s acquisition of 42 towers from Municipal Communications II in September 2021. TowerCom, a leading communications tower developer and owner focused on some of the fastest-growing wireless markets in the United States, will continue to manage the newly acquired portfolio of towers on Fengate’s behalf.
“We are excited about this new portfolio of geographically diverse and highly strategic assets as they service national carrier tenants and are in zoning and site acquisition environments that would be difficult to replicate,” said Andrew Cogan, Managing Director and Head of Infrastructure Investments, Fengate. “This transaction builds on our strong and productive relationship with TowerCom, a best-in-class partner, and on Fengate’s successful track record with critical infrastructure across North America including the rapidly evolving and highly attractive wireless industry.”
Rad Lovett, TowerCom Chairman, added, “we are extremely pleased to complete this transaction with Fengate. We are able to provide strong returns for our existing investors while maintaining our continued high service level for our carrier partners as TowerCom continues to manage these sites on behalf of Fengate.”
About Fengate Asset Management:
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate is one of the most active real asset investors in North America and the firm has been investing in infrastructure across North America since 2006. Learn more at www.fengate.com
About TowerCom LLC
TowerCom is a Jacksonville, FL-based communications tower developer executing new tower builds on behalf of carrier customers primarily in the Southeast and Southwest U.S. TowerCom has established itself as a major regional tower developer with deep relationships with both national and regional wireless carriers. TowerCom is responsible for the end-to-end tower development process, taking carrier input on target locations and coverage needs and then executing site acquisition, permitting / zoning, construction, and operational support. The company is led by a veteran management team that has experience in all phases of tower infrastructure development, deployment and management. For more information, visit www.towercomenterprises.com.