Vancouver firm takes over operation of Iqaluit airport
Concert Infrastructure Fund acquires majority share in consortium that manages facility
Iqaluit’s airport has a new operator.
Last week, Vancouver-based Concert Infrastructure Fund purchased a majority share in Arctic Infrastructure LP, the consortium of companies that manage the airport.
Concert acquired the stake from InfraRed Capital Partners, a U.K. real estate firm. The terms of the sale were not disclosed.
While Concert manages the airport, Nunavut Airport Services Ltd., a subsidiary of the Winnipeg Airport Authority, will continue to run day-to-day operations at the Iqaluit airport facility.
The Iqaluit International Airport is a public-private partnership, also known as a P3, with the Government of Nunavut.
The project consortium also includes Bouygues Buildings Canada and Sintra.
When the project first launched in 2014, the GN estimated the net cost of its payment to the P3 group at over $375 million by the end of 30 years—the lifespan of the current project licence. The airport opened in 2017.
The new airport project included a new passenger terminal off Federal Road, a new service building, runway repaving, a new apron and new runway lighting.