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Porter puts Toronto terminal up for sale

Canadian Press, The Canadian Press
0 Comments| August 29, 2014


TORONTO - Porter Aviation Holdings Inc. says it's putting its passenger terminal at the Billy Bishop Toronto City Airport up for sale.

The regional airline said a sale-leaseback deal would allow the company to focus on its core business, Porter Airlines.

Porter chief commercial officer Michael Deluce said the company expects the whole process to be finalized within four months.

He said the sale would be a good fit for pension or infrastructure investment funds, in Canada or abroad.

The proceeds from the sale would be used to grow the airline. Deluce said that could include adding more flights, destinations or upgrades to the airport lounge.

He would not speculate on how much the terminal might fetch, saying it was too "preliminary and too early."

"We took on the risk of building the terminal, design, construction and operating it at the early stages of the airport's development when passenger levels were at historic lows," Deluce said.

"It was sort of an important early investment for us to facilitate the substantial growth that the airport has had since then in 2005, when the airport had 20,000 passengers, it now has 2.3 million."



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