InstarAGF Asset Management has sold its interest in Nieuport Aviation Infrastructure Partners GP, the owner and operator of the passenger terminal at Billy Bishop Toronto City Airport.
Terms weren’t disclosed. The buyer was U.S. asset manager J.P. Morgan Asset Management.
In 2015, InstarAGF partnered with J.P. Morgan, Kilmer Van Nostrand Co, Partners Group and other investors to acquire the terminal from Porter Aviation Holdings Inc, reportedly for more than $750 million.
InstarAGF, a Toronto-based investor in North American infrastructure and real assets sectors, bought its stake through InstarAGF Essential Infrastructure Fund, which raised $740 million in 2017.
InstarAGF Asset Management Sells Interest in Nieuport Aviation
TORONTO, Feb. 21, 2019 (GLOBE NEWSWIRE) — InstarAGF Asset Management Inc. (“InstarAGF”) today announced that it has sold its interest in Nieuport Aviation Infrastructure Partners GP, the company that owns and operates the passenger terminal at the award-winning Billy Bishop Toronto City Airport, to its investment consortium partner, institutional infrastructure investors advised by J.P. Morgan Asset Management. The consortium, which also included, Partners Group (acting on behalf of its clients) and Kilmer Van Nostrand Co., acquired the passenger terminal from Porter Aviation Holdings Inc. in January 2015. Financial terms were not disclosed.
“Billy Bishop Airport is an exceptional airport and represents vital transportation infrastructure and tremendous economic value for the city of Toronto and surrounding region,” said Gregory J. Smith, President and CEO, InstarAGF. “Over the past four years, we have invested significantly in enhancing the passenger and community experience and creating a first-class airport for the 21st century. We are proud to have been a part of this marquee Canadian infrastructure asset, and are delighted to deliver an attractive return to our investors.”
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. Nieuport Aviation completed a significant upgrade of the terminal in 2018, including introducing more spacious lounges and new food, beverage and retail concessions to enhance the passenger experience.
About InstarAGF Asset Management
InstarAGF, which makes direct investments and co-investments with like-minded investors and strategic partners, is an independent alternative asset management firm focused on North American middle-market opportunities in the infrastructure sector and other alternative real asset categories. InstarAGF’s growing footprint spans North America with a portfolio that includes aviation infrastructure, district energy, renewable energy, midstream energy services, and specialty ports and logistics businesses that deliver essential services and value to communities, partners and investors. For more information please, visit www.instaragf.com.
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