January 27, 2015
Porter Aviation sells Billy Bishop Toronto City Airport passenger terminal
Porter Aviation Holdings has completed the sale of its passenger terminal at Billy Bishop Toronto City Airport (BBTCA) to Nieuport Aviation Infrastructure Partners GP (Nieuport Aviation), a consortium of Canadian and international infrastructure equity investors. Nieuport Aviation comprises InstarAGF Asset Management Inc. (InstarAGF), Kilmer Van Nostrand Co. Limited, Partners Group, and institutional investors advised by J.P. 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. PAHI operated terminal facilities at BBTCA through its subsidiary, City Centre Terminal Corp. (CCTC). Porter Airlines Inc., another PAHI subsidiary, will maintain and enhance its service at the airport in coming years. 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 CCTC in 2010. The airport is a major economic engine for the Greater Toronto Area, generating approximately CA$1.9bn 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.The sale price of the terminal is undisclosed.