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Billy Bishop Airport on the selling block
The island airport is apparently valued at $500-million.

According to a report by the Wall Street Journal, Porter Aviation Holdings Inc. has put the Billy Bishop Airport on the selling block.

The publication’s sources tell the newspaper that the airport is currently valued at more than $500-million.

According to Gillian Tan, the article’s author, “potential buyers include infrastructure-focused private-equity firms and pension funds, which like airport investments due to the stable nature of their returns.”

Porter currently has a lease on the airport until 2032. According to a press release from the airline, proceeds from the sale will go towards “continued investment in the airline’s growth.” One imagines that investment will take the form of passenger jet planes. [Via Wall Street Journal]

Image via Flickr user Woodrow Walden.
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Igor Bonifacic is the managing editor of Toronto Standard. Follow him on Twitter.

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