Fengate expands its portfolio of U.S. wireless communications towers with new acquisition

Fengate Asset Management (Fengate) is pleased to announce financial close on the acquisition of a significant portfolio of high-quality wireless communications towers in the United States (U.S.) from TowerCom, LLC (TowerCom).

The towers, located in 11 states across the U.S., expand Fengate’s communications tower portfolio to more than 200 towers in 15 states, and further the multi-year partnership between Fengate and TowerCom. TowerCom is a leading communications tower developer focused on some of the fastest-growing wireless markets in the U.S. It originally developed the towers and will manage the newly acquired portfolio on Fengate’s behalf.

“This is our fourth transaction with TowerCom, demonstrating our strong partnership with them and our successful track record with critical infrastructure across North America,” said Andrew Cogan, Managing Director and Portfolio Manager of Fengate Infrastructure Yield Fund.

“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.”

Rad Lovett, Executive Chairman of TowerCom, said TowerCom is pleased to continue the partnership with Fengate.

“TowerCom is proud to partner with Fengate to grow its core asset portfolio within the telecommunications infrastructure sector. This transaction enables TowerCom to generate liquidity for its shareholders, while remaining deeply involved in the operations of the portfolio.”

Fengate is managing this investment 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.