Vancouver Airport Services (VAS) has reached agreement with The Peel Group to acquire a stake in UK infrastructure subsidiary Peel Airports (PAL).
The Canadian firm will take a 65 per cent share in the company – which controls key assets including Liverpool John Lennon Airport, Robin Hood Airport, Doncaster Sheffield and Durham Tees Valley Airport.
Peel Group chairman John Whittaker said: “We are delighted to move forward and partner with Vancouver Airport Services.
“Its network of international airports and expertise as a leading airport specialist will further increase the success of these growing regional airport businesses.”
Under the terms of the deal, Peel will retain a 35 per cent investment in PAL and a presence on the board and looks forward to the opportunities the strategic partnership with Vancouver Airport Services will generate.
Mr Whittaker added: “The retention of a significant investment in the joint venture, together with our associated airport-related property, is firmly in line with our strategy of creating long term partnerships to unlock value from the relationship between our diverse infrastructure, transport and real estate assets.”
The Peel Group is a leading infrastructure, transport and real estate enterprise in the UK with assets owned, under management, in excess of £6 billion.
“Vancouver Airport Services has a strong track record of investing in and providing value-added management services for airports around the world,” said VAS president George Casey.
“We look forward to working with The Peel Group and the stakeholders involved in these airports.”
Vancouver Airport Services - a leading global airport investment, management and development company - is jointly owned by Vancouver Airport Authority and Citi Infrastructure Investors.
With this investment, Vancouver Airport Services operates and/or invests in a global portfolio of 19 airports.