InstarAGF Sells Interest in Nieuport Aviation

Feb. 21, 2019


TORONTO, ONTARIO  (February 21, 2019) — InstarAGF Asset Management Inc. (“InstarAGF”) today
announced that it has sold its interest in Nieuport Aviation Infrastructure Partners GP, the company that
owns and operates the passenger terminal at the award-winning Billy Bishop Toronto City Airport, to its
investment consortium partner, institutional infrastructure investors advised by J.P. Morgan Asset
Management. The consortium, which also included, Partners Group (acting on behalf of its clients) and
Kilmer Van Nostrand Co., acquired the passenger terminal from Porter Aviation Holdings Inc. in January
2015. Financial terms were not disclosed.

“Billy Bishop Airport is an exceptional airport and represents vital transportation infrastructure and
tremendous economic value for the city of Toronto and surrounding region,” said Gregory J. Smith,
President and CEO, InstarAGF. “Over the past four years, we have invested significantly in enhancing the
passenger and community experience and creating a first-class airport for the 21st century. We are proud
to have been a part of this marquee Canadian infrastructure asset, and are delighted to deliver an
attractive return to our investors.”

Billy Bishop Airport, which is owned and operated by PortsToronto, is renowned for its efficiency, service
and close proximity to downtown Toronto. Billy Bishop Airport is consistently recognized as one of North
America’s top airports by the Airports Council International’s (ACI) Airport Service Quality Awards and
Skytrax World Airport Awards, and was named fourth Best International Airport by Condé Nast Traveler
in 2017. The airport, which is critical transportation infrastructure for the city of Toronto, welcomes more
than 2.8 million passengers annually and is a significant economic driver locally and nationally,
accounting for more than $2.1 billion in economic output each year and supporting 6,500 jobs, including
1,960 associated directly with the airport operations. Nieuport Aviation completed a significant upgrade of
the terminal in 2018, including introducing more spacious lounges and new food, beverage and retail
concessions to enhance the passenger experience.


About InstarAGF Asset Management

InstarAGF, which makes direct investments and co-investments with like-minded investors and strategic
partners, is an independent alternative asset management firm focused on North American middle-market
opportunities in the infrastructure sector and other alternative real asset categories. InstarAGF’s growing
footprint spans North America with a portfolio that includes aviation infrastructure, district energy,
renewable energy, midstream energy services, and specialty ports and logistics businesses that deliver
essential services and value to communities, partners and investors. For more information please, visit


For more information:

Sarah Borg-Olivier
Senior Vice President
InstarAGF Asset Management
Tel: +1 (416) 568-1329

Ashley Smith
Communications Manager
InstarAGF Asset Management
Tel: +1 (416) 865-4181

"Instar" and the Star logo are trademarks of Instar Group Inc. and are used under license. "AGF" and the Tiger logo are trademarks of AGF Management Limited and are used under license. InstarAGF website pages © 2019-2020 AGF Management Limited. All Rights Reserved.


InstarAGF Asset Management Inc.
Toronto Dominion Bank Tower
66 Wellington Street West, 31st Floor
Toronto, ON M5K 1E9