Vantage to increase stake in Terminal B operator at LaGuardia Airport

Vantage Airport Group has reached agreement to acquire an additional ownership interest in LaGuardia Gateway Partners (LGP) from Skanska, which is divesting its 32% ownership in the consortium.

Vantage will acquire approximately 16% of Skanska’s interest for $57 million. The transaction is conditional on regulatory approvals and customary terms and conditions.

LGP is the private consortium, comprised of Vantage, Skanska, Meridiam and JLC Infrastructure, that was selected by the Port Authority of New York and New Jersey to finance, develop, and manage the new LaGuardia Terminal B, a $5.1 billion, 35-gate terminal which was completed in July 2022.

LaGuardia Terminal B, Location: Queens, New York, LaGuardia Gateway Partners.

Terminal B was also awarded Leadership in Energy and Environmental Design (LEED) v4 Gold certification by the US Green Building Council, making it the first airline terminal in the world to achieve this designation for its sustainability efforts under more stringent LEED v4 requirements.

George Casey, chair and CEO of Vantage Airport Group, said: “We have been glad to partner with Skanska on this ambitious project to successfully develop a new world-class Terminal B at LaGuardia.

“This transformative undertaking, one of the largest of its kind in US transportation history, has benefited from Skanska’s 134-plus years of development and construction expertise.

“We thank the team at Skanska for their contributions. In partnership with the Port Authority of New York and New Jersey, Vantage will continue to steward Terminal B’s success with our additional ownership interest and continued management of this world-class airport terminal under our Management Services Agreement.”