Abu Dhabi’s Investcorp Capital has agreed to invest in the redevelopment of New York’s JFK International Airport’s Terminal 6.
The investment will be made through Investcorp Group’s newly formed partnership with Corsair Capital – Investcorp Corsair Infrastructure Partners. The company’s wholly owned airports platform Vantage Airport Group is set to serve as the developer, operator, and manager of the new terminal.
JFK is New York’s main hub for international traffic. In 2022, it served 69% of the region’s international passengers.
The $4.2 billion redevelopment will replace the current Terminal 7, delivering “a state-of-the-art 1.2 million-square-foot terminal featuring 10 gates with spacious waiting areas”. The project will also include over 100,000 square feet of commercial amenities, airline lounges, and two AirTrain stations.
“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,” stated the Vice Chairman and Non-Executive Director of Investcorp Capital, Hazem Ben-Gacem.
“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.”
The construction of the terminal will be executed in two phases. Phase I is currently underway and expected to be completed in 2025. Phase II is slated for completion in late 2027.
In February, Investcorp reported a net profit of $21 million for the period between July and December 2024, in its first results following its debut on the Abu Dhabi Stock Exchange (ADX) in November.
