TORONTO, Dec. 19, 2024 /CNW/ – The Greater Toronto Airports Authority (GTAA), which operates Toronto Pearson, has announced it has exercised a 20-year extension of its Ground Lease with the Minister of Transport on behalf of the Government of Canada.
The Ground Lease had an initial term of 60-years, expiring on December 1, 2056. As provided for in the initial lease, the extension of the term for an additional 20-year period, has been exercised such that the term now ends on December 1, 2076.
The Ground Lease includes all airport lands, buildings and structures, as well as certain roads and bridges providing access to the airport, but excludes any assets owned by NAV CANADA, the operator of Canada’s civil air navigation system.
The GTAA is a Canadian airport authority and a corporation without share capital under the Canada Not‐for‐profit Corporations Act and has been managing Toronto – Lester B. Pearson International Airport in accordance with a Ground Lease with the Government of Canada since December 2, 1996.
For full particulars of the GTAA’s rights and obligations under the ground lease, a copy may be accessed through the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedarplus.ca or the GTAA’s website at www.torontopearson.com, or may be inspected at the head office of the GTAA during normal business hours upon written request to the Vice President, Stakeholder Relations and Communications, Greater Toronto Airports Authority, P.O. Box 6031, 3111 Convair Drive, Toronto AMF, Ontario, L5P 1B2. Certain capitalized terms used in this summary and described herein are defined in the Ground Lease.
Caution Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. This forward-looking information is based on a variety of assumptions and is subject to risks and uncertainties. These statements reflect GTAA Management’s current beliefs and are based on information currently available to GTAA Management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that the GTAA’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in the GTAA’s securities regulatory filings, including its most recent Annual Information Form and Management’s Discussion and Analysis, which can be found on SEDAR at www.sedarplus.ca.
About Toronto Pearson
The Greater Toronto Airports Authority is the operator of Toronto Pearson International Airport, Canada’s largest airport and a vital connector of people, businesses and goods. Toronto Pearson has been named “Best Large Airport in North America serving more than 40 million passengers” six times in the last seven years by Airports Council International (ACI), the global trade representative of the world’s airports.
For our corporate X channel, please visit @PearsonComms. For operational updates and passenger information, please visit @TorontoPearson/@AeroportPearson on X. You can also follow us on Facebook or Instagram.
SOURCE Greater Toronto Airports Authority
Featured Image: Megapixl @ Dplett
