Vancouver Airport Authority Announces Partnership with Citi Infrastructure Investors

May 13, 2008, 01:00 ET from Vancouver Airport Authority

    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
 airport management."
     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,,; Citi Infrastructure Investors, (212) 793-5462,,

SOURCE Vancouver Airport Authority