Vancouver Airport partners with Citi Infrastructure Investors

Agreement to pursue the sourcing, funding and maximization of potential airport opportunities

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Vancouver Airport Authority entered into a partnership with Citi Infrastructure Investors (CII) in May to jointly pursue the sourcing, funding and maximization of potential airport opportunities through YVR Airport Services Ltd (YVRAS), the airport authority's subsidiary.

Under the terms of the agreement, CII will acquire 50% of YVRAS, which will become the bank's exclusive platform for investing in airport assets. CII brings extensive global connections, long-term capital and an in-depth understanding of airport investment to the management of YVRAS.

CII was keen to partner with Vancouver Airport Authority because of the innovation and operational excellence on display at its internationally recognized, award-winning home airport, Vancouver International (YVR). In addition, YVRAS is a pre-eminent manager of international airports with a successful track record in bidding on international assets.

"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," said Graham Clarke, Chairman of YVRAS.

"If British Columbia (BC) is to grow, then YVR must compete and win in the gateway battle for airlines and passengers," said Larry Berg, President and CEO, Vancouver Airport Authority. "We are proud of how our subsidiary company has taken the excellence of BC and YVR into the international market. We see the partnership with CII as critical in taking YVRAS to the next stage of growth."

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 partner with Vancouver – undeniably a global leader in airport management."