JP Morgan-led group consolidates Billy Bishop passenger terminal ownership 

01 February 2019 - 12:00 am UTC

JP Morgan Asset Management led a consortium of several institutional investors who consolidated their ownership of the passenger terminal at Billy Bishop Toronto City Airport, according to a recent press release.

The acquisition represents a consolidation of ownership in the passenger terminal by core infrastructure investors who have a long-term investment horizon and ongoing access to capital. The consolidation also represents JP Morgan Asset Management upping their stake in the airport’s ownership on the behalf of the investors, said a spokesperson for the consortium. 

The existing ownership consortium, Nieuport Aviation Infrastructure Partners, is comprised of InstarAGF Management Inc, funds managed and/or advised by Partners Group, Kilmer Van Nostrand Co. Ltd., and JP Morgan Asset Management. InstarAGF could exit its equity position as part of this transaction, according to a source briefed on the situation.

Ports Toronto owns Billy Bishop Airport, and this investment only accounts for the passenger terminal at the facility. Also a part of the Airport facility is the pedestrian tunnel which was created by a P3 in 2016 and is currently owned by Fiera Infrastructure. 

Nieuport Aviation acquired the terminal from Porter Aviation Holdings Inc. in January 2015.

Nieuport Aviation has invested more than CAD 50m in the airport since 2015, including the recently completed terminal upgrade.

Financial terms of the transaction have not been disclosed, and is subject to customary closing conditions and is expected to reach financial close in 1Q19.


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