JP Morgan acquires passenger terminal at Billy Bishop Toronto City Airport
February 20, 2019
On February 20, 2019, InstarAGF Asset Management, Partners Group and Kilmer Van Nostrand Co. Limited ("the Consortium") announced that they had completed the previously announced sale of their interests in the passenger terminal at Billy Bishop Toronto City Airport to their fellow consortium member, institutional investors advised by JP Morgan Asset Management. Financial terms of the transaction were not disclosed.
Over 2.8 million passengers pass through Billy Bishop Toronto City Airport annually, and the airport generates approximately C$2.1 billion in economic output every year. The passenger terminal underwent a significant upgrade in 2018 to enhance passenger experience.
McCarthy Tétrault LLP advised the Consortium with a team led by Jake Irwin that included Robert Richardson, Jeremy Pleasant, Chanelle Bristol and Judy Tian (Business), D.J. Lynde (Financial Services), Patrick McCay, Wendy Brousseau and Justin Shoemaker (Tax), and Oliver Borgers and Kate McNeece (Competition).