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The Montreal Port Authority may not seem like a hot property, but the federally owned facility is attracting new attention from institutional investors. The port’s largest two container terminals were sold this month to a consortium of Quebec investors for an estimated $650 million.

The sale of the operating entity, Montreal Gateway Terminals, to a group led by investment firm Fiera Axium Infrastructure illustrates how the public sector can partner with private business to develop the port’s assets, says Sylvie Vachon, chief executive of the port authority.

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Fiera purchased MGT from Wall St. investment firm Morgan Stanley, putting together a consortium that includes the Fonds de solidarité, Mouvement Desjardins, Industrielle Alliance and Manulife.

The deal is another example of how money management firms are choosing to make infrastructure investments that produce consistent returns over the long term. The Montreal Port Authority has been a steady performer, even during the shipping industry recession of 2009.