Fiera and Aquila Infrastructure Management’s new joint alternative investment company, Fiera Infrastructure, is buying five assets from Forum Equity Partners’ Public Private Partnership portfolio.
The assets purchased by Fiera Infrastructure are diversified across sub-sectors and geographies. Fiera is buying:
- 100% equity stake in each of the Billy Bishop Toronto City Airport Pedestrian Tunnel, the Surrey Pretrial Services Centre Expansion in British Columbia, a social housing project in Western Canada, the South West Detention Centre in Ontario; and
- a 50% equity stake in the Quinte Consolidated Courthouse in Belleville, Ont.
These assets are meant to add stable and recurring cash flows to Fiera Capital’s infrastructure platform.
The transaction between Fiera Capital and Aquila is expected to close in Q2 2016. The financial results of Fiera Infrastructure will be reflected in the consolidated financial results of Fiera Capital starting in Q2 2016. This transaction will bring Fiera Capital’s total infrastructure asset portfolio to $1.2 billion which includes Fiera Infrastructure’s $500 million of invested and available capital and $700 million of infrastructure debt (as at December 31, 2015).