Porter Aviation Holdings Inc. (PAHI) is entering a partnership with Macquarie Asset Management (MAM) to support development of the previously announced passenger terminal at Montréal Saint-Hubert Airport (YHU).
A new company, Partenaires d’infrastructure YHU (Québec) s.e.c. / YHU Infrastructure Partners (Québec) LP, is being formed under joint Porter and MAM ownership to develop the terminal. A local management team will operate the facility upon completion.
Construction PCL (PCL) has also been selected as the general contractor for the passenger terminal. Work will commence in August, with a scheduled completion by mid-2025.
“Macquarie and PCL are well-positioned as partners to develop a state-of-the-art passenger terminal at Saint-Hubert,” said Michael Deluce, president and CEO, PAHI. “These relationships further strengthen the project and will result in a distinct terminal where passengers will genuinely enjoy their experience.”
MAM is the world’s largest infrastructure manager (1). The investment in YHU adds to its global airport and airport-related infrastructure experience, which includes current investments in the operators of Mariscal Sucre International Airport in Ecuador; El Dorado International Airport in Colombia; Aberdeen, Glasgow, Farnborough and Southampton Airports in the United Kingdom; and North Queensland and Perth Airports in Australia.
“We are excited to expand our investment footprint in the Americas through partnering with Porter to deliver high-quality infrastructure to the Montréal region,” said Karl Kuchel, CEO of Macquarie Infrastructure Partners. “We look forward to working with key airport stakeholders including the local community to make this important project a success.”
The passenger terminal is designed to be 21,000 sq.m. (225,000 sq.ft.) with nine bridged aircraft gates, and an overall modern design aesthetic. There will be lounge-style seating for all passengers and access to food and beverage concessions, as well as retail vendors. All building systems are expected to operate fully on electric power.
PCL is the largest contracting organization in Canada and one of the largest in North America, with an annual construction volume of more than $8 billion. PCL brings unparalleled depth of expertise in the aviation sector, having executed over $18.9 billion worth of airport facility and infrastructure work across North America, including new builds, expansions, and upgrades at more than 55 international airports.
“We are thrilled to embark on this groundbreaking project with Porter and Macquarie Asset Management, leveraging our local expertise and client-centered commitment to excellence,” remarked Sébastien Tremblay, vice president and district manager for Construction PCL in Québec. “We firmly believe that this collaboration will pave the way for substantial growth and development within Québec’s aviation sector.”
The YHU terminal development is modelled after the successful revitalization of Billy Bishop Toronto City Airport that Porter has been a part of for the last 17 years. The YHU terminal is expected to provide faster passenger processing than large international airports, resulting in travel time savings to go along with a comfortable departure lounge environment. PAHI originally designed and built the modern Billy Bishop terminal that is in use today.
“The YHU transformation will increase the airport capacity of the Greater Montréal Area and consolidate regional air service in Québec. With this major infrastructure, travelers can expect a better experience, while the region receives significant economic return. We thank Porter for their profound contribution to the airport developments, as well as the regional stakeholders for their crucial collaboration on this infrastructure project,” stated Yanic Roy, CEO of Montréal Saint-Hubert Airport YHU.
Porter will be an anchor tenant at the new YHU terminal with routes operated throughout Canada using a combination of 78-seat De Havilland Dash 8-400 and 132-seat Embraer E195-E2 aircraft. The terminal will also be open to other airlines, and it is expected that a number of carriers will serve the airport. Porter also intends to continue building its presence at Montréal Trudeau Airport (YUL), providing a range of choice for Greater Montréal travellers.
About Porter
Since 2006, Porter Airlines has been elevating the experience of economy air travel for every passenger, providing genuine hospitality with style, care and charm. Porter’s fleet of Embraer E195-E2 and De Havilland Dash 8-400 aircraft serves a North American network from Eastern Canada. Headquartered in Toronto, Porter is an Official 4 Star Airline® in the World Airline Star Rating®.
About Macquarie Asset Management
Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage approximately $US582 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments & renewables, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.
Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs more than 20,500 people in 34 markets and is listed on the Australian Securities Exchange.
All figures as 31 March 2023. For more information, please visit here.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment
(1) IPE Real Assets 2022 – Top 100 Infrastructure Investment Managers (4 July 2023), based on assets under management as of 31 December 2022.
Featured image credited to Porter Aviation Holdings Inc
