CC&L: Airport Is ‘Resilient, Durable Asset’
“The L.F. Wade International Airport is an excellent example of a resilient, durable asset with potential for growth as passenger traffic recovers in the wake of Covid-19,” Canadian company CC&L Infrastructure said after purchasing a 49.9% interest in Skyport.
A statement on their website announced the “acquisition of a 49.9% minority interest in Bermuda Skyport Corporation Limited from Aecon Group Inc. the concessionaire for the L.F. Wade International Airport,” noting that “he purchase price for the acquired interest is US $128.5 million.”
CC&L said, “The Bermuda International Airport provides sole aviation access to the island for both international travelers and Bermudians alike. This modern, world class airport with a new state-of-the-art passenger terminal building is supportive of Bermuda’s growing tourism industry and its status as a global financial center. The facility was constructed with environmentally efficient lighting, cooling, and wastewater systems, and was built to withstand extreme weather conditions common to island nations.
“The redevelopment of the Bermuda International Airport was completed in 2020 under a concession agreement between Skyport, a wholly-owned subsidiary of Aecon, and the Bermuda Airport Authority. Skyport is responsible for the operation, maintenance, and commercial functions of the airport and coordinates the overall airport redevelopment project under the concession agreement, which has 24 years remaining on its original 30-year term.”
“We are excited to expand to a new sector and geography with the addition of this interest in a world-class airport,” said Matt O’Brien, President of CC&L Infrastructure.
“This investment is consistent with our strategy of investing in high-quality, long-duration assets in creditworthy jurisdictions. The L.F. Wade International Airport is an excellent example of a resilient, durable asset with potential for growth as passenger traffic recovers in the wake of Covid-19 – providing an attractive complement to our existing, well-diversified portfolio of infrastructure assets.”
“We believe that Bermuda is a strong jurisdiction for investment and are excited to be partnered with Aecon and the team at Skyport in the delivery of a high-quality airport offering to the Government and people of Bermuda,” added Ryan Lapointe, Managing Director of CC&L Infrastructure. “As a long-term investor, we look forward to working with our partners at Aecon and the Government of Bermuda in the continued successful operation of the Bermuda International Airport for many years to come.”
It’s funny how everyone that stands to benefit from the new terminal boasts about how great it is, but if you ask anyone that actually works there and they have nothing good to actually say about it. From wasted space and poorly thought-out baggage systems to jet bridges that are constantly breaking down and pavement and concrete crumbling under the weight of aircraft; the terminal is a mess.
to the lack of suitable vendors or eating options etc. It is a mess. Yes it may look “pretty”, but it is largely a waste. Thanks OBA.
We should have borrowed another $350 million and built our own airport, just like we built our own hospital
Ah , but you already know that based on how plp projects work that which would start out as a $350m terminal would end up being way north of $750m and strangely no different from what was originally proposed.
But a lot of people who earn $150,000 a year would somehow end up with $6m houses.
I once worked in a place where certain people who earned $50k (legally) per year owned 2+ $450,000 houses after 4 years of employment. But that’s another topic as well .
I also know that we did not build our own hospital