Skanska secures financing for LaGuardia Project in New York

WCN Editorial Team 3 Jun 2016 NORTH AMERICA TRANSPORT INFRASTRUCTURE

Skanska, as part of LaGuardia Gateway Partners consortium, has reached financial closure and signed a lease agreement with the Port Authority of New York and New Jersey (PANYNJ) for LaGuardia Project in New York.


With a lease term through 2050, the public private partnership (PPP) includes finance, design, construction, operation and maintenance of the LaGuardia Airport Central Terminal B.

The design-build contract is valued at about SEK33bn ($4bn). Swedish company Skanska has a 70% stake in the contract, worth nearly $2.8bn.

The deal also involves the construction work for supporting infrastructure and a new central entrance hall.

Terminal B, opened in 1964, serves over 14m passengers per year. The new LaGuardia Central Terminal B, which will be constructed next to the existing terminal, has been designed to attain LEED Silver certification.

Skanska’s CEO and president Johan Karlström said: “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.”

LaGuardia Gateway Partners includes Skanska Infrastructure Development, Vantage Airport Group and Meridiam as project sponsors and co-investors, with Vantage Airport Group managing operations.

New facilities will start opening in 2018, with scheduled substantial completion in 2022.

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