JFK closes US$4.2bn funding deal to develop new Terminal 6

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John F Kennedy International Airport (JFK) in New York has closed a US$4.2bn funding deal to develop the new international Terminal 6. The Port Authority of New York and New Jersey chose airport operating company Vantage to be the principal developer and operator of the new terminal. Vantage will finance, build and manage the new Terminal 6, with infrastructure investment business Corsair serving as the project’s principal financial sponsor.

The construction of the new JFK Terminal 6 will be carried out in two phases. Vantage will manage 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. The new Terminal 6 is scheduled to be delivered in 2028; once completed, it will connect international and domestic flights from Terminal 5. The new Terminal 6 will be 1,200,000ft2 and have a capacity for 10 gates, more than 100,000ft2 of commercial amenities, airline lounges and gate areas. Custom artworks will also feature in the new terminal complex.

George Casey, chair and CEO of Vantage and board chair for 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. The team’s commitment to the project reflects Vantage’s deep, specialized and tested airport development expertise, which is unmatched in the sector. We know airports and will leverage our expertise to deliver another world-class airport terminal in the New York market; one that will maximize 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.”

Hari Rajan, partner and head of infrastructure at Corsair and lead director of 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.”

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