Concert Infrastructure Fund has purchased a majority stake in Arctic Infrastructure Limited Partnership, the developer and operator of Iqaluit Airport in Nunavut, Canada.

The stake has been acquired from investment banking firm InfraRed Capital Partners for an undisclosed sum.

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Arctic Infrastructure has been tasked with the improvement, operation, and maintenance of the airport.

The acquisition means Concert Infrastructure will undertake responsibility for the project, while Nunavut Airport Services, a subsidiary of Winnipeg Airport Authority, will continue to oversee the daily operations.

“This acquisition aligns perfectly with Concert Infrastructure’s objective to invest in critical social and economic infrastructure.”

The airport project consortium also includes Bouygues Buildings Canada and Sintra.

Concert Infrastructure senior vice-president Derron Bain said: “This acquisition aligns perfectly with Concert Infrastructure’s objective to invest in critical social and economic infrastructure in support of Canada’s diversified economy, while enhancing our competitive position as a long-term and community-focused investment and development partner.”

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Iqaluit Airport is being operated through a public-private partnership (P3) with the Government of Nunavut.

The project was initially developed by InfraRed and covered the design and construction of a new terminal building, along with an integrated services building, the repaving of the runway, taxiway and apron, and the improvement of roadways and lighting systems.

On completion, it became the first P3 airport infrastructure project in North America.

Arctic Infrastructure has been granted a licence to manage the facility until 2047.

Iqaluit International Airport receives scheduled passenger services from Ottawa, Montreal, Rankin Inlet, and Kuujjuaq by carriers including First Air and Canadian North.