Fengate Asset Management (Fengate) has announced closing a deal to acquire a significant portfolio of wireless communications towers in the United States from TowerCom. According to the official release, the acquired towers, strategically located in 11 US states, bring Fengate's communications tower portfolio to over 200 in 15 states.
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Partnership
This marks the fourth successful transaction between Fengate and TowerCom, reinforcing their partnership in managing critical infrastructure and expanding the multi-year partnership between Fengate and TowerCom further.
The North American-based investment firm didn't reveal how many towers it has acquired through the deal but said a 'significant portfolio'. TowerCom, a communications tower developer, originally built the towers and will continue to manage the newly acquired portfolio on behalf of Fengate.
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Telecom Sector Growth
Fengate said, "The rapidly evolving wireless industry is driven by the current significant increase in data consumption, demand for connection mobility, proliferation of 4G and 5G technology and availability of contracted cash flows, and has emerged as a strategic asset class for infrastructure investors."
TowerCom said it is pleased to continue the partnership with Fengate. "This transaction enables TowerCom to generate liquidity for its shareholders, while remaining deeply involved in the operations of the portfolio."
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Fengate is managing the investment on behalf of the Fengate Infrastructure Yield Fund and affiliated entities, including an investment fund owned by LiUNA's Pension Fund of Central and Eastern Canada, according to the official release.
