Investcorp plans key investment in $4.2bn JFK terminal 6 revamp
MANAMA, 25 days ago
Abu Dhabi-based Investcorp Capital, an investor in private markets and provider of capital financing services in the alternative investments space, said it has reached an agreement to invest in the redevelopment of New York’s JFK International Airport’s Terminal 6 through its newly formed partnership with Corsair Capital – Investcorp Corsair Infrastructure Partners.
Investcorp Corsair Infrastructure Partners is the lead financial sponsor of the redevelopment project, and its wholly owned airports platform Vantage Airport Group serves as the developer, operator, and manager of the new terminal.
Corsair is a specialised investment firm based in New York offering opportunities for investors and innovative solutions for companies across financial and business services.
According to Investcorp, JFK is New York’s main hub for international traffic. In 2022, it served 69% of the region’s international passengers.
Once the $4.2 billion redevelopment project gets completed, it will replace the current Terminal 7, delivering a state-of-the-art 1.2 million-sq-ft terminal featuring 10 gates with spacious waiting areas, in addition to more than 100,000 sq ft of commercial amenities, airline lounges, and two AirTrain stations.
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.
On the strategic move, Hazem Ben-Gacem, the Vice Chairman and Non-Executive Director of Investcorp Capital, said the modernization of JFK and the $4.2 billion earmarked for the development of Terminal 6 is a unique opportunity to invest in a groundbreaking 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.
Ben-Gacem pointed out that 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.
Investcorp Capital is an alternative investment company that invests in private markets and provides capital financing services.
It is a unit of Bahrain-based Investcorp Group, a leading independent manager of alternative investments, with approximately $52 billion in assets under management (including assets managed by third parties).
The group has over four decades of experience and expertise in delivering attractive and consistent returns across multiple strategies, sectors and geographies.
"We had recently announced that Investcorp Capital had strategically incorporated infrastructure into its portfolio of asset classes, expanding its potential for growth and diversification," he stated.
"This investment into Terminal 6 is the first Investcorp Capital shall be undertaking with the new strategy and proof of our commitment to delivering high-quality opportunities in the infrastructure asset class to our investors," he added.-TradeArabia News Service
