Fengate grabs undisclosed number of U.S. towers in nine states

In Daily News Briefs by Wireless Estimator

Fengate Asset Management (Fengate) announced closing on the acquisition of a significant portfolio of high-quality wireless communications towers, located in nine states across the United States, from Florida-based TowerCom, LLC (TowerCom). 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.

An earlier request for the total number of towers and the acquisition price by Fengate was not returned.

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, the company said in a press statement.

TowerCom, a leading communications tower developer and owner focused on some of the fastest-growing wireless markets in the United States, will continue to manage the newly acquired portfolio of towers on Fengate’s behalf.

“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.”