Greater Toronto Airports Authority Lands 20-Year Lease Extension for Toronto Pearson
Toronto, December 19, 2024 – The Greater Toronto Airports Authority (GTAA), the operator of Toronto Pearson International Airport, has finalized a significant milestone by extending its Ground Lease with the Minister of Transport on behalf of the Government of Canada. This extension secures an additional 20-year term to the original 60-year lease, now extending the agreement’s duration to December 1, 2076.
Details of the Ground Lease Extension
The Ground Lease renewal encompasses all airport lands, buildings, and structures, alongside certain roads and bridges that facilitate airport access. Notably, this extension excludes assets owned by NAV CANADA, the operator responsible for Canada’s civil air navigation system.
Since December 2, 1996, the GTAA has been effectively managing Toronto Pearson International Airport under a Ground Lease agreement with the Canadian Government, operating as a non-share-capital corporation under the Canada Not-for-profit Corporations Act. This further extension underpins the GTAA’s enduring commitment to advancing airport infrastructure and services to meet the growing demands of international travel and commerce.
Accessing the Agreement Details
For those interested in exploring the specifics of GTAA’s rights and obligations under the Ground Lease, full documentation is available through the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedarplus.ca. Additional information can also be found on the Greater Toronto Airports Authority’s website at www.torontopearson.com. Alternatively, these documents can be reviewed at the GTAA head office, by written request, during standard business hours.
Forward-Looking Statements
It’s important to note that this news release incorporates forward-looking information in accordance with applicable securities laws. Such information is rooted in various assumptions and carries associated risks and uncertainties. These statements reflect the current perspectives of the GTAA Management, based on presently available information. Consequently, the predicted outcomes, forecasts, and projections of forward-looking information may vary from actual results. For a comprehensive analysis of these assumptions, risks, and uncertainties, reference should be made to GTAA’s securities regulatory filings, including its latest Annual Information Form and Management’s Discussion and Analysis, available on SEDAR at www.sedarplus.ca.
About Toronto Pearson International Airport
Toronto Pearson International Airport, operated by the GTAA, stands as Canada’s largest airport, serving as a cornerstone for connecting people, businesses, and goods globally. The airport has been acclaimed six times in the past seven years by Airports Council International (ACI) as the “Best Large Airport in North America serving more than 40 million passengers,” underscoring its prominence and excellence in service delivery.
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