Sign in
ADX-listedglobal investment manager Investcorp Capital will invest USD 4.2 bn in the redevelopment of New York’s JFK Airport Terminal 6, it said in an ADX filing (pdf) yesterday. Investcorp’s joint venture with New York-based investment firm Corsair Capital, Investcorp Corsair Infrastructure Partners, will fund the project, while its airports platform, Vantage Airport Group, will be responsible for developing, operating, and managing the new terminal.
The overhaul will replace JFK’s Terminal 7, introducing a 1.2 mn sqft terminal with 10 gates, waiting areas and 100k sqft worth of amenities. The first phase of construction is currently ongoing and is expected to be completed in 2025, followed by the second phase in late 2027.
This marks Investcorp Capital’s first investment in infrastructure: “We had recently announced that Investcorp Capital had strategically incorporated infrastructure into its portfolio of asset classes, expanding its potential for growth and diversification,” Investcorp Vice Chairman Hazem Ben-Gacem said, adding that this marks its first investment into the asset class.
Background: Investcorp acquired a 50% stake in Corsair’s USD 4.8 bn infrastructure business back in December, forming Investcorp Corsair Infrastructure Partners and marking Investcorp’s inaugural entry into infrastructure investment, according to a press release at the time.
