Partnership with CIB, Macquarie and Porter supports increased travel demand
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- CIB reached financial close on a $90 million investment towards a new domestic commercial passenger terminal at MET – Montreal Metropolitan Airport.
- The new terminal will provide a convenient way for passengers travelling to and from major cities across Canada to access Montreal.
- New terminal, scheduled to open in 2025, will provide modernized airport amenities for up to approximately four million travellers per year.
LONGUEUIL, QC, Feb. 6, 2024 /CNW/ - The Canada Infrastructure Bank (CIB) is investing $90 million in the new domestic passenger terminal at MET – Montreal Metropolitan Airport (YHU), formerly known as the Saint-Hubert Airport. The terminal development project is a partnership between Macquarie Asset Management and Porter Aviation Holdings Inc.
The CIB's investment enables the development of a new domestic airport terminal to enhance mobility options for Canadians travelling to and from the Montreal area, while supporting economic opportunities in the Greater Montreal region.
Located 15 kilometres from Montreal, the Montreal Metropolitan Airport project includes construction of a new standalone 21,300 m2 two-storey domestic terminal with nine gates, associated taxiways, and landside facilities such as parking lots with barrier-free parking spaces, EV charging stations, and shuttle bus pick-up and drop-off points. Additional landside facilities include terminal frontage roads, road connection from the property boundary to long-term parking lots, landscaping, and an aviation fuel farm.
The terminal is expected to meet forecasted growth of up to four million passengers per year. Construction is scheduled to be completed by fall 2025.
Porter Airlines will operate at MET using a combination of Embraer E195-E2 and Dash 8-400 aircraft, serving cities across Canada. The new terminal will be open to other airlines, including Pascan Aviation's network of existing regional Quebec flights.
Through the CIB's Trade and Transportation sector, which supports stronger trade and transportation corridors, the CIB's investment in the terminal fills a gap in the capital investment structure, allowing the project to move ahead.
Airports connect Canadians and are key drivers of economic growth. Representing the CIB's third investment in airport infrastructure, our loan will enable the development of the new terminal at MET – Montreal Metropolitan Airport, having a positive impact on the greater Montreal area's economy, while providing passengers across Canada greater access to and from our second-largest city.
Ehren Cory, CEO, Canada Infrastructure Bank
By supporting the Montreal Metropolitan Airport, we are offering Quebecers competitive choices and services to find affordable flights to their favorite destinations from a convenient location in Longueuil. With investments like this, we're taking concrete action to meet Quebecers' needs and provide them with transportation infrastructures that meet their expectations.
The Honourable Pablo Rodriguez, Minister of Transport and Quebec Lieutenant
The CIB's $90 million loan towards a new domestic passenger terminal at the Montreal Metropolitan Airport will support the Greater Montréal Region's continued economic expansion. With a forecasted growth of up to four million passengers a year, the new terminal will have greater capacity to welcome more visitors to this world-renowned destination.
The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
The growth of the Montreal Metropolitan Airport represents excellent news for the economic development of Quebec. Future public and private investments will undoubtedly support an improvement in regional air service, for the benefit of Quebecers. Our government will continue to support the growth of MET.
Geneviève Guilbault, Deputy Prime Minister and Minister of Transport and Sustainable Mobility
Attracting a strong partner like CIB demonstrates the value and appeal of the terminal development at Montréal Metropolitan Airport. It will become a showcase of transportation infrastructure for the region that serves the community for decades to come.
Michael Deluce, President and CEO, Porter Aviation Holdings Inc.
CIB shares our objective of developing high-quality infrastructure in the Montréal metropolitan area. We look forward to working with CIB, Porter and other key stakeholders to ensure this important project is a success.
Karl Kuchel, CEO, Macquarie Infrastructure Partners
The development of MET - Montreal Metropolitan Airport is one of the most impactful projects for Canada. It will provide citizens with a more efficient air transportation option and promote economic development of all our regions. We are pleased to have the Canada Infrastructure Bank as a strategic partner in this significant project. It is all Canadians who will benefit from their expertise and support.
Yanic Roy, President and Chief Executive Officer, MET – Montreal Metropolitan Airport.
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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 $US573.5 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments, 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 21,000 people in 34 markets and is listed on the Australian Securities Exchange.
All figures as at 30 September 2023 unless otherwise stated. For more information, please visit Macquarie.com.
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.
SOURCE Canada Infrastructure Bank
Media contact: Canada Infrastructure Bank, [email protected]
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