Fengate completes acquisition of portfolio of U.S. wireless communications towers
TORONTO, Sept. 29, 2021 (GLOBE NEWSWIRE) — Fengate Asset Management (Fengate) is pleased to announce financial close on the acquisition of 42 high-quality wireless communications towers, located in seven states across the Southeast and Midwest United States, from Atlanta-based Municipal Communications II. Fengate is managing this acquisition on behalf of the Fengate Infrastructure Yield Fund and its affiliated entities, including an investment fund owned by LiUNA’s Pension Fund of Central and Eastern Canada.
This acquisition builds on the multi-year partnership between Fengate and TowerCom LLC (TowerCom), launched in September 2020. TowerCom, a leading communications tower developer and owner focused on some of the fastest-growing wireless markets in the United States, will manage the newly acquired portfolio of towers on Fengate’s behalf and has co-invested in the acquisition.
“This exciting acquisition builds on our strong relationship with TowerCom, a best-in-class partner, and on Fengate’s successful track record with critical infrastructure across North America,” said Andrew Cogan, Managing Director and Head of Infrastructure Investments, Fengate. “The rapidly evolving wireless industry is driven by the current and 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.”
Rad Lovett, Executive Chairman of TowerCom added, “TowerCom is thrilled to further partner with Fengate to pursue new opportunities within telecommunications infrastructure. This acquisition builds on our strong market presence in the Southeast U.S. while also expanding our footprint further into the Midwest.”
Seaport Capital originally invested in Municipal Communications II in 2018.
About Fengate Asset Management:
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate is one of the most active real asset investors in North America and the firm has been investing in infrastructure across North America since 2006. Learn more at www.fengate.com
About TowerCom LLC
TowerCom is a Jacksonville, FL-based communications tower developer executing new tower builds on behalf of carrier customers primarily in the Southeast and Southwest U.S. TowerCom has established itself as a major regional tower developer with deep relationships with both national and regional wireless carriers. TowerCom is responsible for the end-to-end tower development process, taking carrier input on target locations and coverage needs and then executing site acquisition, permitting / zoning, construction, and operational support. The company is led by a veteran management team that has experience in all phases of tower infrastructure development, deployment and management. For more information, visit www.towercomenterprises.com.