Vantage Airport Group (Vantage) has struck an agreement to purchase additional equity in LaGuardia Gateway Partners (LGP) from Skanska, which is divesting its 32% ownership in the private consortium.
In an announcement today (6 December), global airport investor, developer and management firm Vantage will acquire approximately 16% of Skanska’s interest in the manager and developer of New York’s LaGuardia Airport Terminal B for $57 million in a transaction subject to regulatory approvals and customary terms and conditions.
The purchase of the extra interest in LGP would increase Vantage’s total ownership of the consortium it leads to more than 47%, gathers TRBusiness.
At the same time, global investor in sustainable infrastructure and asset manager Meridiam – a fellow LGP equity partner – has agreed to take the outstanding ownership share (16%) in LGP held by Skanska.
Conditional to the transaction completing, Meridiam would hold a circa 48% stake in LGP.
At present, the LGP consortium consists of Vantage, Skanska, Meridiam and JLC Infrastructure and was selected by the Port Authority of New York and New Jersey to finance, develop and manage the newly redeveloped $5.1bn LaGuardia Terminal B, which was completed in July last year.
George Casey, Chair & CEO, Vantage Airport Group said: “We have been glad to partner with Skanska on this ambitious project to successfully develop a new world-class Terminal B at LaGuardia. This transformative undertaking, one of the largest of its kind in US transportation history, has benefitted from Skanska’s 134-plus years of development and construction expertise. We thank the team at Skanska for their contributions.
“In partnership with the Port Authority of New York and New Jersey, Vantage will continue to steward Terminal B’s success with our additional ownership interest and continued management of this world-class airport terminal under our Management Services Agreement.”
For more on LaGuardia Gateway Partners, see below.
For further reading on Vantage’s recent activity in New York, see below.