Investcorp Capital, founded in Bahrain and listed on the Abu Dhabi Securities Exchange (ADX), has agreed to invest in the redevelopment of New York’s JFK International Airport’s Terminal 6.
The investment into the $4.2 billion project will be made through Investcorp Group’s newly formed partnership with Corsair Capital – Investcorp Corsair Infrastructure Partners.
Investcorp Corsair Infrastructure Partners is the lead financial sponsor of the redevelopment project. Vantage Airport Group, its wholly-owned airports platform, serves as the developer, operator, and manager of the new terminal.
New York’s main hub for international traffic, JFK served 69 per cent of the region’s international passengers in 2022. The redevelopment will replace the current Terminal 7 and deliver a state-of-the-art 1.2 million-square-foot terminal featuring 10 gates with spacious waiting areas. It will also have more than 100,000 square feet of commercial amenities, lounges, and two AirTrain stations.
Hazem Ben-Gacem, Vice Chairman and Non-Executive Director of Investcorp Capital, commented: “The modernisation of JFK and the $4.2 billion earmarked for the development of Terminal 6 is a unique opportunity to invest in a ground-breaking infrastructure project in one of the world’s busiest and most vital travel hubs that caters to millions of domestic and international passengers each year.
“This mega-project stands to gain from promising long-term economic and demographic trends, such as a more affluent clientele driving increased demand for travel, in addition to the latest advances in technology, security, and sustainability.”
“This investment into Terminal 6 is the first Investcorp Capital shall be undertaking with the new strategy of incorporating infrastructure as an asset class and is a proof of our commitment to delivering high-quality opportunities to our investors.”
Construction of the terminal will be executed in two phases, with Phase I currently underway and expected to be completed in 2025, while Phase II is slated for completion in late 2027.
Investcorp Capital is an alternative investment company that invests in private markets and provides capital financing services. Investcorp Capital was founded by Investcorp Group, a leading independent manager of alternative investments, with approximately $52 billion in assets under management.
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