JFK’s New Terminal 1: Spanish Ferrovial acquires 96% of Carlyle’s stake

Spanish company Ferrovial, a leading developer of transportation infrastructure, mobility and building solutions, announced yesterday that it has reached an agreement to acquire 49% of the consortium in charge of designing and building the new Terminal 1 at New York’s John F. Kennedy International Airport (JFK). Its investment would amount to 1.14 billion dollars.

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Through its Airports division, the company will participate in the project, which includes the replacement of Terminals 1 and 2, currently in operation, as well as the old Terminal 3, which is in disuse.

According to the company, it will acquire 96% of The Carlyle Global Infrastructure Fund’s 51% stake in the consortium. The Board of Directors of the Port Authority of New York and New Jersey must still approve the transaction. If completed, Ferrovial will enter the airports business in the United States.

Currently, the company has a 25% stake in London-Heathrow International Airport (LHR) and is its main shareholder and industrial partner. It also owns 50% of the British airports of Glasgow (GLA), Aberdeen (ABZ) and Southampton (SOU). Besides, it is also in the process of closing the acquisition of the 60% of Dalaman International Airport (DLM), in Turkey.

The project

New Terminal 1 at New York-JFK will be built on the site currently occupied by T1, T2 and the former T3. The work is expected to improve the user experience with a total area of more than 2.5 million square meters.

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The process will involve the demolition of the old terminals and the modernization of the entire infrastructure. It will require an investment of 9.5 billion dollars. Construction will be carried out in phases and the first stage is expected to be completed in 2026. Upon completion, the new terminal will become the airport’s largest terminal.

In addition, the expansion and modernization of terminals 4, 5, 6 and 8 are currently underway or nearing completion. The work will revitalize one of the world’s main airports in terms of international passenger traffic and an economic engine for New York City.

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