Porter Airlines (P3, Toronto Billy Bishop City Centre) parent, Porter Aviation Holdings Inc. (PAHI), says it has completed the sale of its passenger terminal at Billy Bishop Toronto Billy Bishop City Centre Airport (BBTCA) to Nieuport Aviation Infrastructure Partners GP, a consortium of Canadian and international infrastructure equity investors which includes InstarAGF Asset Management Inc. (InstarAGF), Kilmer Van Nostrand Co. Ltd, Swiss private equity firm Partners Group, and institutional investors advised by J.P. Morgan Asset Management.

Though the exact sale price was not undisclosed, it is believed the deal amounted to CAD750million (USD633million).

"Billy Bishop Toronto City Airport is a highly attractive infrastructure asset in a stable market. Its close proximity to the city's business district means it is ideally positioned to continue attracting its share of the business travel market," Todd Bright, Managing Director and Head of Americas Private Infrastructure, Partners Group, said.

Despite the sale, PAHI, which operated terminal facilities at BBTCA through its subsidiary, City Centre Terminal Corp. (CCTC), will maintain and enhance its services at the airport through Porter Airlines in the years to come. In fact, the sale of the 14,000 sqm passenger terminal which it built in 2010 will allow PAHI to focus its attention on its core airline business.