Macquarie Asset Management has partnered with Porter Aviation Holdings to develop a passenger terminal at Montréal Saint-Hubert Airport in Canada.

Porter has agreed to a 50-50 partnership with Macquarie to develop the previously announced terminal project scheduled for completion by mid-2025.

Construction PCL has been selected as the general contractor for the 21,000sqm passenger terminal capable of serving over four million passengers annually.

Michael Deluce, president and CEO of Porter Aviation Holdings, said: “Macquarie and PCL are well positioned as partners to develop a state-of-the-art passenger terminal at Saint-Hubert. These relationships further strengthen the project and will result in a distinct terminal where passengers will genuinely enjoy their experience.”

According to sources, Macquarie is making the investment via Macquarie Infrastructure Partners VI, the manager’s latest Americas infrastructure fund.

The deal represents Macquarie’s first commercial airline passenger terminal investment in North America. In September last year, Macquarie Infrastructure Partners V agreed to acquire a 50% stake in Latin American airport concessionaires Opain and Corporación Quiport through a partnership with Odinsa. 

Macquarie also has investments in Aberdeen, Glasgow, Farnborough and Southampton Airports in the UK, and North Queensland and Perth Airports in Australia.

Karl Kuchel, CEO of Macquarie Infrastructure Partners, said: “We are excited to expand our investment footprint in the Americas through partnering with Porter to deliver high-quality infrastructure to the Montréal region.”

To read the latest edition of the latest IPE Real Assets magazine click here.