Fengate has entered into exclusive negotiations with BBGI Global Infrastructure to sell its stakes in two public-private partnership (P3) assets, according to two sources familiar with the process.

Fengate is negotiating with BBGI for the sale of its 75% stake in the Prince Georges County (Maryland) Public Schools P3, and 100% of the Los Angeles International Airport (LAX) Consolidated Rent-A-Car Facility (ConRAC). Both assets are part of the Fengate Core Infrastructure III fund.

Fengate has not been working with a third-party financial advisor on the deal, the sources said. A Fengate Asset Management-led consortium, which includes 25% equity partner Gilbane, reached financial close on the Prince George’s County schools P3 bundle in December 2020. The group was awarded a contract in October 2020 to design, build, finance, operate and maintain (DBFOM) five new middle schools and a K-8 school.

Los Angeles Gateway Partners, 100% owned by Fengate Capital Management, was named preferred bidder for the LAX ConRAC project in August 2018. The project reached financial close the following December.

BBGI, which owns 56 PPPs across the United States, Europe and Canada, was recently taken private by Canadian institutional investor British Columbia Investment Management Corporation (BCI) and the firm’s shares ceased trading on the London Stock Exchange on 19 June 2025.

Fengate declined to comment. BBGI did not respond to requests for comment.