Citi Infrastructure Investors (CII) has partnered with Vancouver Airport Authority to target investments in airport assets through subsidiary Vancouver Airport Services (YVRAS), a global airport investment, management and development company. Financial terms of the transaction were not disclosed.
CII will also acquire a 50 percent stake in YVRAS – to become its exclusive platform for investing in airport assets. YVRAS operates 18 airports in seven countries, including Canada.
CII co-head and partner Felicity Gates said in a statement that CII was “seeking to establish a small number of best-in-class infrastructure platforms for growth and long-term investment,” adding that Vancouver was “a global leader in airport management.”
CII is currently raising an infrastructure fund with a target of $5 billion (€3.2 billion), according to sources familiar with the matter. The fund’s initial target was $3 billion but was increased earlier this year.
Citi Infrastructure Investors, founded in 2007, is part of Citigroup’s Citi Alternative Investments. Co-headed by Gates and Juan Bejar, the group manages equity investments in infrastructure assets and also oversees a management company that operates the investments.