Baar-Zug, Switzerland, 21 February 2019
Partners Group, the global private markets investment manager, has completed, on behalf of its clients, the sale of its stake in the passenger terminal at the award-winning Billy Bishop Toronto City Airport (BBTCA) to its investment consortium partner, institutional investors advised by J.P. Morgan Asset Management.
Partners Group, together with its partners in the Nieuport Aviation consortium, acquired the BBTCA passenger terminal from Porter Aviation Holdings Inc. in January 2015. Over the last four years, Nieuport Aviation has added significant value to the terminal, including helping to secure key approvals to facilitate building a US border pre-clearance facility, as well as completing a major upgrade of the terminal that added more spacious passenger lounges, new food, beverage and retail concessions, and an additional gate.
Todd Bright, Partner, Head of Private Infrastructure Americas, Partners Group, states: "We are proud to have supported the creation and growth of Nieuport Aviation together with our consortium partners and believe that as entrepreneurial owners, we have added real passenger value by enhancing the services offered in the BBTCA terminal. With the completion of the terminal upgrade project, we concluded a major value creation program and therefore felt the time was right to divest our stake on behalf of our clients."
Partners Group has completed a number of exits on behalf of its private infrastructure investors recently. In January 2018, the firm sold its stake in the Victorian Comprehensive Cancer Centre, a cancer research, treatment and education centre developed under a public-private partnership in Melbourne, Australia, to AMP Capital's Community Infrastructure Fund. In March 2018, Partners Group sold its ownership stake in Silicon Ranch Corporation, a leading developer, owner and operator of solar energy facilities in the US, to Shell.