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JFK’s $4.2bn. new International Terminal 6 development project reaches financial close

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Vantage Airport Group & Corsair Infrastructure mark financial close of $4.2B deal to develop a new international Terminal 6 at JFK Airport. Terminal 6 will be Vantage and Corsair’s second airport terminal development project in the New York market after their successful completion of LaGuardia Airport Terminal B.

NEW YORK, NY - Airport development and operating company, Vantage Airport Group (Vantage) and Corsair Infrastructure, the global infrastructure investment business of Corsair Capital (Corsair) and Vantage’s shareholder, marked the successful financial close of the $4.2 billion deal to develop a new international Terminal 6 at John F. Kennedy International Airport (JFK).

As lead member of JFK Millennium Partners, the private organization selected by the Port Authority of New York and New Jersey to finance, build, and manage the new Terminal 6, Vantage will be the principal developer and operator of the new terminal, with Corsair serving as the project’s principal financial sponsor.

JFK Millennium Partners raised a total of $4.2 billion to fund the development of a new international terminal complex anchoring the north side of JFK, including $1.3 billion in equity. Corsair-Vantage is the majority shareholder in the project.

As Corsair’s strategic airport development and operating platform, Vantage is a seasoned airport investor, developer, and manager. Since 1994, Vantage has worked with more than 30 airports around the world, transitioning 20 from public to private management, exceeding project objectives, delivering value for partners, and redefining the passenger experience through best-in-class airport facilities.

“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,” said George Casey, Chair and CEO, Vantage, and Board Chair, JFK Millennium Partners. “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.”

“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,” said Hari Rajan, Partner and Head of Infrastructure, Corsair and Lead Director, Vantage.

Vantage will lead the construction of the new JFK Terminal 6 in two phases, managing 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. Once completed, the new Terminal 6 – scheduled to be delivered in 2028 – will connect international and domestic flights from Terminal 5 and feature a 1.2 million square foot terminal, capacity for ten gates, more than 100,000 square feet of commercial amenities, airline lounges, and spacious gate areas. Custom art works and the latest advances in technology, security and sustainability will also figure prominently in the new terminal complex.

JFK Terminal 6 is Vantage and Corsair’s second airport terminal development project in the New York market. One of the largest public-private partnerships in American aviation history, the new $5.1 billion LaGuardia Terminal B reached completion on time and within budget in July 2022, delivered and operated by Vantage.

Recipient of multiple awards and recognition for financing, sustainability, management, design, construction, and guest experience, LaGuardia Terminal B is proof of Vantage’s proven ability to partner with the public sector to solve complex transportation infrastructure challenges, and a catalyst for future airport development.

Simpson Thacher & Bartlett LLP and McCarthy Tétrault LLP served as legal counsel.

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