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Porter Airlines sells Toronto's Billy Bishop airport terminal

Updated: Nov 16, 2022

Porter Aviation Holdings Inc. has completed the sale of its passenger terminal concession at Billy Bishop Toronto City Airport to Nieuport Aviation Infrastructure Partners, a consortium of Canadian and international infrastructure equity investors. Porter Aviation operated the terminal facilities at Billy Bishop through its subsidiary, City Centre Terminal Corp.

During 2014, Porter began exploring a sale and leaseback structure for its terminal concession at Billy Bishop Toronto City Airport to allow it to focus on its expanding airline business. Since commencing operations in 2006, Porter has been the driving force behind the rejuvenation of Billy Bishop to become the 9th busiest airport in Canada serving 2.4 million passengers in 2014.

Altitude was retained by Porter in the role of lead commercial advisor to support the disposal of City Centre Terminal Corp. Our role included:

  • Supporting development of sell side materials including Information Memorandum, due diligence reports and operations plans.

  • Presenting the business to prospective buyers.

  • Responding to buyer queries.

Nieuport Aviation comprises InstarAGF Asset Management Inc., Kilmer Van Nostrand Co. Limited, Partners Group and institutional investors advised by J.P. Morgan Asset Management.

More information here.

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