Ferrovial acquires stake in JFK Airport’s ‘New Terminal One’ consortium

Ferrovial, through its airports division, has agreed to acquire a stake in New Terminal One, the consortium appointed to design, build and operate the new Terminal One at John F. Kennedy International Airport (JFK) in New York (which includes replacing Terminals 1 and 2 and former Terminal 3 of this airport).

Under the deal, Ferrovial is acquiring 96 per cent of The Carlyle Global Infrastructure Fund’s 51 per cent stake in New Terminal One. The completion of the transaction is subject to certain conditions precedent, including Port Authority Board approval. Ferrovial’s investment would amount to $1.14 billion.

With an investment of $9.5 billion, the New Terminal One will stand on the site currently occupied by T1, T2, and the former T3 and will offer an enhanced user experience over than 2.5 million sqr ft. The process, which includes demolishing the old terminals and modernising the infrastructure, will increase the terminal’s capacity. Upon completion, it will be the largest terminal at JFK Airport. Construction will proceed in phases, with the first phase expected to be completed in 2026. The asset concession runs until 2060.