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NEWS Last modified on January 28, 2015

Passenger terminal acquired at Billy Bishop Toronto City

InstarAGF Asset Management Inc and AGF Management Limited have announced that Nieuport Aviation Infrastructure Partners GP has acquired the passenger terminal at Billy Bishop Toronto City Airport (BBTCA) from Porter Aviation Holdings Inc.

The consortium of Canadian and international infrastructure investors including InstarAGF, will manage, operate and maintain the terminal under a long-term lease from Ports Toronto, which owns and operates BBTCA.

InstarAGF's partners in Nieuport Aviation includeKilmer Van NostrandCo. Limited, Partners Group, and institutional investors advised by J.P. Morgan Asset Management.

Nieuport Aviation encompasses long-term infrastructure owners and operators with significant local presence, international expertise in managing aviation infrastructure, and says it has a commitment to world-class client service.

InstarAGF is a joint venture between Instar Group Inc, owned byGregory J. Smith, and AGF, contributed approximately C$105 million of capital to acquire the terminal, which will be a cornerstone investment in InstarAGF's Essential Infrastructure Fund.

Gregory Smith, president and CEO, InstarAGF, says: “The terminal is a premier essential infrastructure asset with an established operating history, robust contractual framework and positive long-term outlook.

"We are delighted to be investing alongside world-class local and international partners, which demonstrates the strength and reach of our relationships and our team's ability to deliver access to exceptional infrastructure assets.

“Billy Bishop Airport and the terminal have solid fundamentals and a critical role as a vital transportation hub and economic growth driver for the city ofTorontoand surrounding region."

The fund is expected to achieve its first close in the first half of 2015, and Blake C. Goldring, chairman and CEO AGF, says: “InstarAGF's investment in the Billy Bishop airport terminal is consistent with our strategy to deploy capital to initiatives that will deliver growing and sustainable shareholder value.

"The terminal is a compelling asset for InstarAGF's essential infrastructure fund, and accelerates the development of AGF's alternatives platform.

“Our alternatives business expands and diversifies AGF's investment capabilities, and bolsters our product offering for retail, institutional and high net worth clients globally."

BBTCA is the ninth busiest airport inCanada, serving 2.4 million passengers in 2014, and the state-of-the-art terminal was constructed by City Centre Terminal Corp, in 2010.

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