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Porter exploring sale of passenger terminal at Billy Bishop

Porter Aviation Holdings Inc. confirmed on Friday that it’s exploring the possibility of a sale-leaseback of its passenger terminal at Billy Bishop Toronto City Airport.

The Wall Street Journal initially broke the story and Porter confirmed it in a statement a short time later, saying that the deal – if it happens – would allow the airline to focus on the growth of the company.

It’s unclear what a possible buyer could do with the passenger terminal, which is under lease by Porter until 2033, but the statement says there wouldn’t be any change to the operations.

The Wall Street Journal says the sale is expected to value the terminal at more than $500 million.