Skanska has sold its stake in LaGuardia Airport (LGA) Terminal B in New York through an agreement with Meridiam’s MI LaGuardia CTB and Vantage Airport Group (New York).
This deal is valued at 115 million USD and will see Skanska divest its entire 32 percent ownership of LaGuardia Gateway Partners LLC to the buyers, both of which are existing partners.
LaGuardia Gateway Partners is responsible for the private investment, development and operation of Terminal B at LaGuardia Airport as part of a public-private partnership with the Port Authority of New York and New Jersey (PANYNJ).
Subject to regulatory approval and customary terms and conditions, the transaction is expected to close in the fourth quarter of 2023.
This announcement follows the redevelopment of LGA Terminal B, which was completed in July 2022. For this project, Skanska led a design-build joint venture for the engineering and construction of the terminal.
Port Authority Executive Director Rick Cotton said:We are extraordinarily grateful for the expertise Skanska brought to the development of a new Terminal B as a member of LaGuardia Gateway Partners, which built and developed the critically acclaimed new terminal as part of the successful public-private partnership with the Port Authority.
We are also pleased that the remaining two partners, Meridiam and Vantage Airport Group, acquired Skanska’s share in LaGuardia Gateway Partners, and we look forward to continuing our strong partnership with LaGuardia Gateway Partners. We also want to thank Skanska for the skill and expertise they brought to bear as the consortium contractor that built the remarkable, world-class Terminal B.
Under this agreement, Meridiam will acquire an additional 16 percent ownership of LaGuardia Gateway Partners, bringing its share up to 48 percent.
Meanwhile, Vantage Airport Group will acquire the remaining 16 percent of Skanska’s interest.
Magnus Eriksson, managing director of Skanska’s Asset Management division said:It has been an honour to be a part of LaGuardia Airport’s Terminal B redevelopment. We want to thank the Port Authority of New York and New Jersey for placing its trust in Skanska and its partners to deliver a project of this magnitude. From the onset, it was imperative to have the right team in place to deliver on the vision to create a world-class terminal. We are now very pleased that our partners Meridiam and Vantage Airport Group will fully take over and continue to deliver the future success of Terminal B. Skanska is incredibly grateful for the opportunity and proud at what we’ve created together, from a vision to reality.
