Nieuport Aviation Infrastructure Partners (Nieuport Aviation) has acquired passenger terminal at Canada's Billy Bishop Toronto City Airport (BBTCA) from Porter Aviation Holdings Inc. (PAHI).
In August, PAHI announced plans to divest the terminal in order to focus on its airline business, which flies to 19 destinations in eastern Canada and the US using a fleet of Bombardier Q400 turboprops, reports Bloomberg.
As reported in Bloomberg, the sale of the terminal was anticipated to raise more than C$750m ($605m).
However, the financial terms of the acquisition are not disclosed.
A consortium of Canadian and international infrastructure equity investors, Nieuport Aviation comprises InstarAGF Asset Management, Kilmer Van Nostrand, Partners Group and institutional investors advised by J P Morgan Asset Management.
PAHI operates terminal facilities at BBTCA through its subsidiary, City Centre Terminal.
Porter Airlines, another PAHI subsidiary, will maintain and enhance its service at the airport over the coming years.
Commenting on the acquisition, InstarAGF president and CEO Gregory Smith said: "The terminal is a premier essential transportation infrastructure asset with an established operating history, robust contractual framework and positive long-term outlook.
"Studies show that travellers overwhelmingly choose BBTCA because of its convenience, efficiency and high service standards. With a focus on sustaining and elevating the passenger experience at the terminal, we look forward to building strong relationships with all stakeholders at BBTCA and to supporting its further development as a vital gateway for commerce and economic growth in the greater Toronto region."
BBTCA is said to be the the ninth busiest airport in Canada, serving 2.4 million passengers in 2014.
PAHI president and CEO Robert Deluce said: "Nieuport Aviation is a seasoned airport operator that will deliver exceptional service at the terminal and help build on the existing overall superior travel experience for passengers.
"We will work closely with its management team over the next few months to ensure a seamless transition. This transaction further strengthens our core business with Porter Airlines and positions the company for continuing growth and success."
Image: Billy Bishop Toronto City Airport is the ninth busiest airport in Canada, serving 2.4 million passengers in 2014. Photo: courtesy of Marketwired / Porter Aviation Holdings.