The Swedish project development and construction group has signed binding sale and purchase agreements (SPA) for the sale of its entire 32% ownership of LaGuardia Gateway Partners in New York for $115 million. The buyers are existing partners, MI LaGuardia CTB and Vantage Airport Group (New York).
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.
“It has been an honour 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 at what we’ve created together, from a vision to reality.”
Project engineering and construction of the terminal was conducted through a design-build joint venture led by Skanska and was completed in July 2022.
“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,” said Port Authority Executive Director Rick Cotton. “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.”
Completion of the sale is subject to regulatory approval.
