International Aviation Terminals Inc. (IAT), which owns, leases and manages air cargo and aviation related facilities at Canadian airports in Vancouver, Calgary, Edmonton, Saskatoon, and Winnipeg, has reached an agreement with the Vancouver Airport Authority (VAA) ¨C a community-based, not-for-profit organisation that operates the airport ¨C for a lease extension amounting to a ten-year period in a joint arrangement with the authority.
This approximately 580,000 square foot lease includes a 166,000 square foot air cargo facility and an adjacent truck courtyard and parking lot.
"With a ten-year term at this world class gateway airport, we are excited to invest in some signifi cant improvements to both the functionality and environmental sustainability of the facility," said Alison Hill, IAT’s president and chief executive officer. Th e improvements are expected to include, among other things, a lighting retrofit and other moves to reduce energy consumption and operating costs, as well as the movement of cargo both inside and outside of the building.
IAT also signed a Memorandum of Understanding among with AMB Property Canada Ltd. and the VAA aimed at increasing efficiencies and throughput within the cargo community and total volumes at the airport.
"We are pleased to continue our long standing relationship and collaboration with IAT and AMB," said Larry Berg, president and CEO at VAA.
"We are all committed to the growth and vitality of the global air cargo business and we are looking at ways we can improve operations even more to ensure functionality and efficiency of cargo processing through YVR."
The airport authority has also earmarked CND$1.4 billion (US$1.39 billion) capital programme that is expected to ensure the airport ¨C the second busiest in the country ¨C meets the growing demand for air travel and continues to be developed as a premier global gateway.