Airport development and operating company, Vantage Airport Group and infrastructure investor, Corsair Infrastructure have announced the successful financial close of the 4.2 billion USD deal to develop a new international Terminal 6 at John F. Kennedy International Airport (JFK).
Vantage is the lead member of JFK Millennium Partners, which was selected by the Port Authority of New York and New Jersey (PANYNJ) to finance, build and manage the new Terminal 6. Vantage will be the principal developer and operator of the new terminal, while Corsair will serve as the principal financial sponsor.
George Casey, Chair and CEO, Vantage, and Board Chair, JFK Millennium Partners said:Today’s milestone is the result of significant, dedicated efforts of the Vantage team to lead this complex project and bring the shared objectives of JFK Millennium Partners and our other project partners to life at Terminal 6.
We know airports and will leverage our expertise to deliver another world-class airport terminal in the New York market; one that will maximise opportunities for community involvement and employment, transform the guest experience for millions of visitors, and demonstrate the power of strong partnerships to deliver best-in-class airport infrastructure.
The 1.2 million-square-foot new Terminal 6 is scheduled to be complete in 2028 and will have capacity for ten gates.
Vantage will lead the construction of the new JFK Terminal 6 in two phases. Under a long-term lease with PANYNJ will manage the existing Terminal 7 until its demolition in 2025 and the new international Terminal 6 until 2026.
Hari Rajan, Partner and Head of Infrastructure, Corsair and Lead Director, Vantage said:In the complex world of airport and infrastructure development, institutional investors must look to more than a standalone fund for deploying capital. Together, Corsair and Vantage offer a unique combination of development, execution, and management expertise, regulatory knowledge, and active equity sponsorship to support meaningful and complex infrastructure public-private infrastructure projects of this kind, particularly as the need for North American infrastructure investment has never been greater.
JFK Terminal 6 is Vantage and Corsair’s second airport terminal development project in New York, following the completion of the new 5.1 billion USD LaGuardia Terminal B in July 2022, which is now operated by Vantage.
