Origin Country
Canada

airport deal

Canada – Toronto City (Billy Bishop)

Operator // PortsToronto [airfield], Nieuport Aviation Infrastructure Partners GP (NAIPGP) [passenger terminal]

Overview

Overview

In February 2019, J.P. Morgan completed the acquisition of 100% of the ownership in NIAPGP from its fellow shareholders for an undisclosed sum. In 2015, the consortium purchased the YTZ terminal from Porter Aviation Holdings Inc., for a reported price of CAD750m. Since 2015, NAIP has invested CAD50m in YTZ terminal upgrades. The current TPA expires in 2033, however the RFI envisions a 50-year lease term, subject to TPA extension. In March 2021, Ports Toronto released a Request For Interest (RFI) to identify potential financial investor for YTZ, including operation of the airport under lease. PortsToronto will remain signatory to the Tripartite Agreement (TPA) and retain oversight and accountability. The initiative is being undertaken to reduce PortsToronto’s overall debt position, restore and enhance its liquidity; enable ongoing/future infrastructure investment and ensure YTZ’s long-term viability. In early 2019 the NAIPGP shareholders, J.P. Morgan Asset Management (J.P. Morgan), InstarAGF Asset Management (AGF), Partners Group (Partners), Kilmer Van Nostrand Co. (Kilmer), the owner/operator of the YTZ passenger terminal, commenced private negotiations to consolidate ownership and facilitate shareholder exit.

2,800,000
125,800
N/A

Cargo (tonnes)

Included Airports

Airports

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Canada

1 airport

Transaction Stage

Stage

Deal has been archived

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Stage 1 — Pending

Deal Structuring & Market Sounding

Initial process by government/grantor or private owner of shares to structure the transaction and/or sounding potential market interest in the opportunity.

Stage 2 — Pending

Due Diligence & Bid/Offer Development

Investor/operator evaluation for the deal/opportunity and/or business case and financial model development to support commercial bid/offer.

Stage 3 — Pending

Award, Financial Close & Transfer

Award of deal by government/grantor, or acceptance of offer from private owner of shares, followed by completion of financing conditions and, ultimately, granting of concession and/or transfer of shares.

Deal Information

Information

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