Fengate Asset Management announced last week that it closed on the acquisition of towers, located in nine states across the United States, from Florida-based TowerCom, LLC. 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 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.
“We are excited about this new portfolio of geographically diverse and highly strategic assets as they service national carrier tenants and are in zoning and site acquisition environments that would be difficult to replicate,” said Andrew Cogan, Managing Director and Head of Infrastructure Investments, Fengate. “This transaction builds on our strong and productive relationship with TowerCom, a best-in-class partner, and on Fengate’s successful track record with critical infrastructure across North America including the rapidly evolving and highly attractive wireless industry.”
Rad Lovett, TowerCom Chairman, added, “we are extremely pleased to complete this transaction with Fengate. We are able to provide strong returns for our existing investors while maintaining our continued high service level for our carrier partners as TowerCom continues to manage these sites on behalf of Fengate.”
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