Vantage Airport Group (Vantage) has reached agreement to acquire an additional ownership interest in LaGuardia Gateway Partners (LGP) from Skanska, which is divesting its 32% ownership of LGP.
Vantage — a leading global airport investment, development, and management company — will acquire approximately 16% of Skanska’s interest for US$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. The $5.1 billion, 35-gate terminal was completed in July 2022.
In 2023, the new project was named World’s Best New Airport Terminal by Skytrax’ global ranking organization and became the first airport terminal in North America to earn Skytrax’ 5 Star ranking.
Terminal B was also awarded Leadership in Energy and Environmental Design (LEED) v4 Gold certification by the U.S. 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.
“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 U.S. transportation history, has benefited from Skanska’s 134-plus years of development and construction expertise,” said George Casey, Chair & CEO, Vantage Airport Group.
“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.”
