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Apr 21, 2016
Forum Signs Approximately $400M Definitive Agreement to Sell Part of its Canadian Infrastructure Portfolio
Forum Equity Partners reached financial close in the sale of part of its P3 portfolio to Fiera Infrastructure for approximately $400 million. The definitive purchase and sale agreement includes interests in five Canadian P3s in the social and civil sector, including: i) 100% equity stake in the Billy Bishop Toronto City Airport Pedestrian Tunnel, the Surrey Pre-trial Services Centre Expansion, the Windsor South West Detention Centre and a social housing project in Western Canada; and ii) a 50% equity stake in the Quinte Consolidated Courthouse.
Closing of the Billy Bishop Toronto City Airport Pedestrian Tunnel, Surrey Pre-trial Services Centre Expansion and Quinte Consolidated Courthouse sale was completed on April 19, 2016. The South West Detention Centre and social housing project in Western Canada transactions are anticipated to occur later in 2016, upon satisfaction of certain conditions precedent and receipt of all required consents.
Post-closing, Forum will maintain its role as the long-term asset manager of the portfolio assets through its subsidiary, Forum Equity Partners Management.
A&B represented Forum with a team that was led by Douglas Younger and included Heidi Visser, Lorway Gosse, Jesse Rosensweet, Patrick Oufi, Aaron Bains and articling student Alyssa Gebert.