Skanska has signed binding sale and purchase agreements (SPA) for the sale of its entire 32% ownership of LaGuardia Gateway Partners in New York for US$115m.
LaGuardia Gateway Partners is responsible for the private investment, development and operation of the entirely reconstructed Terminal B at LaGuardia Airport as part of a public-private partnership with the Port Authority of New York and New Jersey.
Project engineering and construction of the terminal were conducted through a design-build joint venture led by Skanska and were completed in July 2022. LaGuardia Airport Terminal B received LEED v4 Gold certification for building design and construction. It also received Envision certification and won several distinctions, including Best Airport from UNESCO’s Prix Versailles and World’s Best New Airport Terminal from Skytrax. In addition, it received a 5-star airport terminal rating.
The buyers are existing partners MI LaGuardia CTB and Vantage Airport Group (New York). The transaction will be recorded under the Central stream at closing, which is expected to be during the fourth quarter of 2023. Completion of the sale is conditional on regulatory approval and customary terms and conditions. The final purchase price may be adjusted by transaction costs and other items. Skanska will announce the final amount and closing of the divestment in connection with the satisfaction of the conditions in the SPA.
“It has been an honor to be a part of LaGuardia Airport’s Terminal B redevelopment,” said Magnus Eriksson, managing director of Skanska’s Asset Management division. “We want to thank the Port Authority of New York and New Jersey for placing its trust in Skanska and its partners to deliver a project of this magnitude. From the onset, it was imperative to have the right team in place to deliver on the vision to create a world-class terminal. We are now very pleased that our partners Meridiam and Vantage Airport Group will fully take over and continue to deliver the future success of Terminal B. Skanska is incredibly grateful for the opportunity and proud of what we’ve created together, from a vision to reality.”
Rick Cotton, executive director of the port authority, added, “We are extraordinarily grateful for the expertise Skanska brought to the development of a new Terminal B as a member of LaGuardia Gateway Partners, which built and developed the critically acclaimed new terminal as part of the successful public-private partnership with the Port Authority. We are also pleased that the remaining two partners, Meridiam and Vantage Airport Group, acquired Skanska’s share in LaGuardia Gateway Partners, and we look forward to continuing our strong partnership with LaGuardia Gateway Partners. We also want to thank Skanska for the skill and expertise they brought to bear as the consortium contractor that built the remarkable, world-class Terminal B.”
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