LaGuardia Partners Agree to $4 Billion Airport Renovation

NEW YORK — Meridiam, a leading global investor and asset manager specializing in public and community infrastructure, and a member of the LaGuardia Gateway Partners (LGP) consortium, has reached financial close on the LaGuardia Central Terminal B Redevelopment Project (Project), with LGP executing a lease agreement with the Port Authority of New York and New Jersey (PANYNJ). The Public Private Partnership includes finance, design, construction, operation and maintenance of the LaGuardia Airport Central Terminal B in New York City, USA, with a lease term through 2050.

LaGuardia Gateway Partners is comprised of Meridiam, Skanska Infrastructure Development, Vantage Airport Group as project sponsors and co-investors, with Vantage Airport Group managing operations. Skanska USA and Walsh Construction form the design-build joint venture.

The entire renovation for the LaGuardia Airport is expected to cost $4 billion. Skanska has a 70 percent share of the contract, worth about 2.8 billion

The Project will be financed using equity, debt, PANYNJ milestone payments, as well as retail and airline revenues with equal shareholding amongst the three consortium partners.

“This is Skanska’s largest project ever. We are proud to invest in and lead construction of this project that will improve the quality of air travel for millions of people. The LaGuardia Airport Central Terminal B project is a perfect example of how we, through Public Private Partnership, can expedite delivery of critical infrastructure, bringing together Skanska’s construction and investment capabilities. We have a strong position in the growing US market for PPP projects,” says Johan Karlström, CEO and President of Skanska.

“Our team has brought together several of the world’s aviation leaders to benefit the Port Authority, the more than 14.3 million passengers who travel through LaGuardia’s Central Terminal B Building annually and the airlines who serve them. We understand the vital role that LaGuardia plays as a transportation hub, a regional economic engine, and a critical link in the nation’s aviation network. We look forward to delivering the best possible terminal to fulfill each of those essential roles,” said Jane Garvey, Chairman, Meridiam North America and LGP Board Director.

Construction of permanent works will begin immediately, with most of the new terminal opening in 2020 and substantial completion anticipated during 2022.

“The LaGuardia Airport Central Terminal B Project is an emblematic example of how we, through Public Private Partnership, can expedite delivery of vital infrastructure to meet the US’s critical needs. This project joins Meridiam’s North American growing footprint alongside the Port of Miami Tunnel, the Long Beach Court House, and the North Tarrant Express, all game-changing projects for the communities they serve,” Thierry Déau, Meridiam’s CEO and Founder.

The new LaGuardia Central Terminal B will be built adjacent to the existing terminal, while flight operations continue without interruption. The new design, expected to achieve LEED Silver Certification (Leadership in Energy and Environmental Design), exemplifies New York through two sweeping concourses that provide views of Manhattan and are designed to enable increased airline circulation.