Richmond, Canada (ots/PRNewswire) - Vancouver Airport
Authority today announced it has entered into a partnership with Citi
Infrastructure Investors (CII) to jointly pursue the sourcing,
funding and maximization of potential airport opportunities through
YVR Airport Services Ltd. (YVRAS).
Under the terms of the agreement, CII will also acquire 50 per
cent of the shares of YVRAS and YVRAS will become CII's exclusive
platform for investing in airport assets. CII will bring extensive
global connections, long-term capital and an in-depth understanding
of airport investment to the management of YVRAS.
CII is attracted to a partnership with Vancouver Airport
Authority due to the innovation and operational excellence developed
at its internationally recognized, award winning, North American
gateway home airport of Vancouver International Airport (YVR). In
addition, YVRAS is one of the pre-eminent managers of international
airports with a successful track record in bidding on international
Graham Clarke, Chair, Vancouver Airport Authority Board of
Directors, said, "This is a new chapter in a great made-in-B.C.
success story. In only 12 years, YVRAS has grown from three people
and a bold idea into a major airport development company, operating
18 airports in seven countries."
"If British Columbia is to grow, then YVR must compete and win in
the gateway battle for airlines and passengers - and to be the best
at home, you need to be achieving out in the world," said Larry Berg,
President and CEO, Vancouver Airport Authority. "We are proud of how
our subsidiary company has taken the excellence of B.C. and YVR into
the international market. We see the partnership with CII as critical
in taking YVRAS to the next stage of growth. We believe we have found
a strong, complementary long-term partner that understands airport
infrastructure and brings a lot to the table."
Felicity Gates, Co-Head and Partner of CII, said, "CII is seeking
to establish a small number of best-in-class infrastructure platforms
for growth and long-term investment, and so we are delighted to be
able to announce this partnership with Vancouver - undeniably a
global leader in airport management."
Colin Campbell, another Partner at CII, added, "You cannot fly to
B.C. and fail to be impressed by Vancouver International Airport -
it's a fantastic advertisement for British Columbia. We see the same
level of care in the facilities, customer relationships and sense of
place throughout the network which YVRAS manages, and we can't wait
to invest with them going forward."
"This is a welcome partnership and validates YVRAS' position in
the global marketplace," said George Casey, President and CEO, YVRAS.
"CII is sponsored by one of the largest financial institutions in the
world and their understanding of infrastructure and world capital
markets will further support YVRAS as it matures to the next level."
About Vancouver Airport Authority
The Airport Authority is a community-based, not-for-profit
organization that operates Vancouver International Airport (YVR).
Canada's second busiest airport, YVR expects to welcome 17.9 million
passengers in 2008, and is the Official Airport of the Vancouver 2010
Olympic and Paralympic Winter Games. The Airport Authority is
undertaking a CND$1.4-billion capital program that will ensure the
airport meets the growing demand for air travel and continues to be
developed as a premier global gateway and economic generator for
About Vancouver Airport Services
Vancouver Airport Services (YVRAS), a subsidiary of Vancouver
Airport Authority, is North America's leading global airport
investment, management and development company. In 2007, the YVRAS
network included 18 airports in seven countries including Canada.
Total revenue earned across YVRAS-operated airports was
CND$433-million. Its combined passenger traffic totaled more than 29
million. The company received the 2007 BC Export Award for
Professional and Services given by the B.C. Government and Canadian
Manufacturers & Exporters. YVRAS brings its global experience,
world-class operating standards and commercial success to airports in
vastly different competitive and cultural environments.
About Citi Infrastructure Investors
Founded in 2007 with offices in New York and London, Citi
Infrastructure Investors is an investment centre within Citi
Alternative Investments, a division of Citigroup. CII seeks to
capitalize on the growing need for infrastructure funding around the
world and increased private sector involvement in
infrastructure-related investments. CII manages equity investments in
infrastructure assets and oversees a management company focused on
the operation of these investments.
For further information:
YVR Media Relations,
Citi Infrastructure Investors,
ots Originaltext: Vancouver Airport Authority
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