Fengate Asset Management has announced the close of a "significant" number of telecom towers from TowerCom LLC.

The North American-based investment firm didn't reveal how many towers it has acquired through the deal, but noted that it takes its total portfolio beyond 200 spanning 15 states.

The latest towers acquired as part of the deal are located across 11 US states.

Financial terms of the transaction were not disclosed.

Back in 2020, Fengate signed a multi-year partnership with US-based TowerCom, as part of an equity investment and future commitment to a portfolio of built-to-suit multi-tenant wireless communications towers.

“This is our fourth transaction with TowerCom, demonstrating our strong partnership with them and our successful track record with critical infrastructure across North America,” said Andrew Cogan, managing director and portfolio manager of Fengate Infrastructure Yield Fund.

“The rapidly evolving wireless industry is driven by the current significant increase in data consumption, demand for connection mobility, the proliferation of 4G and 5G technology and availability of contracted cash flows, and has emerged as a strategic asset class for infrastructure investors.”

TowerCom counts AT&T, Verizon, T-Mobile, Dish, and UScellular among its customers.