TORONTO, April 13, 2022 /PRNewswire/ – Fengate Asset Management (Fengate) is pleased to announce the financial close of the acquisition of a significant portfolio of high-quality wireless communications towers, located in nine states across United Statesfrom Floridabased at TowerCom, LLC (TowerCom). Fengate is managing this acquisition on behalf of the Fengate Infrastructure Yield Fund and its affiliated entities, including an investment fund held by LiUNA’s pension fund of Central and Eastern Canada.
This acquisition builds on the multi-year partnership between Fengate and TowerCom launched in September 2020 to support the development and construction of new towers as well as Fengate’s acquisition of 42 towers from Municipal Communications II in September 2021. TowerCom, a leading developer and owner of communications towers focused on some of the fastest growing wireless markets in the United Stateswill continue to manage the newly acquired tower portfolio on behalf of Fengate.
“We are excited about this new portfolio of geographically diverse and highly strategic assets as they serve national carrier tenants and are in difficult to replicate zoning and site acquisition environments,” said Andre Cogan, Managing Director and Head of Infrastructure Investments, Fengate. “This transaction builds on our strong and productive relationship with premier partner TowerCom and Fengate’s successful track record with critical infrastructure across North America including the rapidly changing and highly attractive wireless industry. »
Rad Lovett, President of TowerCom, added, “We are extremely pleased to complete this transaction with Fengate. We are able to provide strong returns to our existing investors while maintaining our high level of service for our operator partners as TowerCom continues to operate these sites on behalf of Fengate.”
About Fengate Asset Management:
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. With offices at Toronto and Oakville, ONand Houston, TXFengate is one of the most active investors in real estate assets North America and the company has invested in infrastructure through North America since 2006. Learn more at www.fengate.com
About TowerCom LLC
TowerCom is a Jacksonville, FloridaNew York-based communication tower developer executing new tower construction on behalf of operator clients primarily in the Southeastern and Southwestern United States. TowerCom has established itself as a major regional tower developer with close relationships with national and regional wireless carriers. TowerCom is responsible for the end-to-end tower development process, taking operator feedback on target locations and coverage needs, then executing site acquisition, permitting/zoning, construction and operational support. The company is led by a seasoned management team that has experience in all phases of tower infrastructure development, deployment and management. For more information, visit www.towercomenterprises.com.
SOURCEFengate Asset Management