Vantage Airport Group and Corsair Infrastructure, a global infrastructure investment business, have reached the successful financial close of a $4.2 billion deal to develop a new international Terminal 6 at New York JFK International Airport. Vantage will be the principal developer and operator of the new terminal, with Corsair serving as the project’s principal financial sponsor.
“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,” said George Casey, Chair and CEO, Vantage, and Board Chair, JFK Millennium Partners.
Vantage will lead construction of the new Terminal 6 in two phases, managing both the existing Terminal 7 until its demolition in 2025, and the new international Terminal 6 from completion through 2060 via a long-term lease with the Port Authority of New York and New Jersey.
Once completed, the new Terminal 6 – scheduled to be delivered in 2028 – will connect international and domestic flights from Terminal 5 and feature a 1.2 million square foot terminal, capacity for ten gates, more than 100,000 square feet of commercial amenities, airline lounges, and spacious gate areas. Custom art works and the latest advances in technology, security and sustainability will also figure prominently in the new terminal complex.
“In the complex world of airport and infrastructure development, institutional investors must look to more than a standalone fund for deploying capital,” said Hari Rajan, Partner and Head of Infrastructure, Corsair and Lead Director, Vantage. “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 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 the New York market – the new $5.1 billion LaGuardia Terminal B reached completion in July 2022, delivered and operated by Vantage.