RICHMOND, BC, May 13 /PRNewswire/ - Vancouver Airport Authority today
announced it has entered into a partnership with Citi Infrastructure
Investors (CII) to jointly pursue the sourcing, funding and maximization of
potential airport opportunities through YVR Airport Services Ltd. (YVRAS).
Under the terms of the agreement, CII will also acquire 50 per cent of
the shares of YVRAS and YVRAS will become CII's exclusive platform for
investing in airport assets. CII will bring extensive global connections,
long-term capital and an in-depth understanding of airport investment to
the management of YVRAS.
CII is attracted to a partnership with Vancouver Airport Authority due
to the innovation and operational excellence developed at its
internationally recognized, award winning, North American gateway home
airport of Vancouver International Airport (YVR). In addition, YVRAS is one
of the pre-eminent managers of international airports with a successful
track record in bidding on international airport assets.
Graham Clarke, Chair, Vancouver Airport Authority Board of Directors,
said, "This is a new chapter in a great made-in-B.C. success story. In only
12 years, YVRAS has grown from three people and a bold idea into a major
airport development company, operating 18 airports in seven countries."
"If British Columbia is to grow, then YVR must compete and win in the
gateway battle for airlines and passengers - and to be the best at home,
you need to be achieving out in the world," said Larry Berg, President and
CEO, Vancouver Airport Authority. "We are proud of how our subsidiary
company has taken the excellence of B.C. and YVR into the international
market. We see the partnership with CII as critical in taking YVRAS to the
next stage of growth. We believe we have found a strong, complementary
long-term partner that understands airport infrastructure and brings a lot
to the table."
Felicity Gates, Co-Head and Partner of CII, said, "CII is seeking to
establish a small number of best-in-class infrastructure platforms for
growth and long-term investment, and so we are delighted to be able to
announce this partnership with Vancouver - undeniably a global leader in
Colin Campbell, another Partner at CII, added, "You cannot fly to B.C.
and fail to be impressed by Vancouver International Airport - it's a
fantastic advertisement for British Columbia. We see the same level of care
in the facilities, customer relationships and sense of place throughout the
network which YVRAS manages, and we can't wait to invest with them going
"This is a welcome partnership and validates YVRAS' position in the
global marketplace," said George Casey, President and CEO, YVRAS. "CII is
sponsored by one of the largest financial institutions in the world and
their understanding of infrastructure and world capital markets will
further support YVRAS as it matures to the next level."
About Vancouver Airport Authority
The Airport Authority is a community-based, not-for-profit organization
that operates Vancouver International Airport (YVR). Canada's second
busiest airport, YVR expects to welcome 17.9 million passengers in 2008,
and is the Official Airport of the Vancouver 2010 Olympic and Paralympic
Winter Games. The Airport Authority is undertaking a $1.4-billion capital
program that will ensure the airport meets the growing demand for air
travel and continues to be developed as a premier global gateway and
economic generator for British Columbia.
About Vancouver Airport Services
Vancouver Airport Services (YVRAS), a subsidiary of Vancouver Airport
Authority, is North America's leading global airport investment, management
and development company. In 2007, the YVRAS network included 18 airports in
seven countries including Canada. Total revenue earned across
YVRAS-operated airports was $433-million. Its combined passenger traffic
totaled more than 29 million. The company received the 2007 BC Export Award
for Professional and Services given by the B.C. Government and Canadian
Manufacturers & Exporters. YVRAS brings its global experience, world-class
operating standards and commercial success to airports in vastly different
competitive and cultural environments.
About Citi Infrastructure Investors
Founded in 2007 with offices in New York and London, Citi
Infrastructure Investors is an investment centre within Citi Alternative
Investments, a division of Citigroup. CII seeks to capitalize on the
growing need for infrastructure funding around the world and increased
private sector involvement in infrastructure-related investments. CII
manages equity investments in infrastructure assets and oversees a
management company focused on the operation of these investments.
CONTACT: YVR Media Relations, (604) 880-9815, firstname.lastname@example.org,
www.yvr.ca; Citi Infrastructure Investors, (212) 793-5462,
SOURCE Vancouver Airport Authority