J.P. Morgan Asset becomes sole owner of Nieuport Aviation

CPE Media News (2/25/2019) – Institutional investors advised by J.P. Morgan Asset Management have completed the acquisition of 100% of the ownership of Nieuport Aviation Infrastructure Partners GP which owns and operates the passenger terminal at the Billy Bishop Toronto City Airport.

J.P. Morgan Asset Management has bought out the other members of a consortium including InstarAGF Asset Management Inc., funds managed and/or advised by Partners Group, and Kilmer Van Nostrand Co. Limited. The consortium had initially acquired the Billy Bishop Airport passenger terminal reportedly for $750 million from Porter Aviation Holdings in January 2015.

The transaction marks as the first exit for InstarAGF’s InstarAGF Essential Infrastructure Fund, a $740 million 2016-vintage fund.

Nieuport Aviation works closely with PortsToronto, the owner and operator of Billy Bishop Toronto City Airport. In addition to managing the terminal, Nieuport Aviation offers passengers a free bus shuttle service between the airport and downtown Toronto, helping to provide a seamless travel experience.

photo credit: Nieuport Aviation

News Release

InstarAGF ASSET MANAGEMENT SELLS INTEREST IN NIEUPORT AVIATION

Toronto, Ontario (February 21, 2019) — 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.

For more information:
Sarah Borg-Olivier
Senior Vice President
InstarAGF Asset Management
Email: Sarah.Borg-Olivier@InstarAGF.com
Tel: +1 (416) 568-1329

Ashley Smith
Communications Manager
InstarAGF Asset Management
Email: Ashley.Smith@InstarAGF.com
Tel: +1 (416) 865-4181

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