Mubasher: Investcorp Capital has agreed to invest in the redevelopment of the $4.20 billion JFK International Airport’s Terminal 6 project in New York 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 of Terminal 6, while its wholly owned airports platform Vantage Airport Group is the project’s developer, operator, and manager, according to a press release.
The redevelopment plan will replace Terminal 7 with a modern 1.2 million-square-foot terminal, offering 10 gates with spacious waiting areas and over 100,000 square feet of commercial amenities, airline lounges, and two AirTrain stations.
Construction will occur in two phases, with the first phase ongoing and scheduled for completion in 2025, while the second phase set to finish by late 2027.
Hazem Ben-Gacem, Vice Chairman and Non-Executive Director of Investcorp Capital, said: “The modernisation 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.”
He added: “We had recently announced that Investcorp Capital had strategically incorporated infrastructure into its portfolio of asset classes, expanding its potential for growth and diversification.”
JFK serves as New York's primary hub for international travel, handling 69% of the region's international passengers in 2022.
In March 2024, Investcorp Capital signed a $800 million revolving credit facility agreement with a syndicate of regional and international banks.
