The Globe and Mail reports in its Tuesday edition that Ottawa's long-overdue decision to sell concessions in four major airports promises to be a win for passengers and taxpayers. The Globe's Andrew Willis writes that after years of analysis paralysis, Prime Minister Mark Carney has an opportunity to improve the passenger experience while raising billions of dollars.
The goal is to create a private-sector operator of Canadian airports that does business around the world.
At least one domestic pension fund, Montreal-based PSP Investments, is already well down this runway.
PSP has built a global business that should serve as a road map for Canadian airport ownership.
In 2013, it acquired a collection of European airports. Branded as AviAlliance, it now operates seven facilities in Scotland, Germany, England and Puerto Rico.
AviAlliance is the largest holding in a PSP infrastructure portfolio that handily beat performance benchmarks over the past decade.
AviAlliance airports also charge travellers less for food, beverages and fees than Canadian airports. A 2016 economic review found selling airports to be a strong option for governments needing funds for infrastructure. Mr. Carney is now acting on this a decade later.
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