Meridiam has closed on the LaGuardia Central Terminal B redevelopment project with LGP executing a lease agreement with the Port Authority of New York and New Jersey, the company said.
The Public Private Partnership includes finance, design, construction, operation and maintenance of the LaGuardia Airport Central Terminal B in New York City, USA, with a lease term through 2050.
LaGuardia Gateway Partners is comprised of Meridiam, Skanska Infrastructure Development, Vantage Airport Group as project sponsors and co-investors, with Vantage Airport Group managing operations. Skanska USA and Walsh Construction form the design-build joint venture.
The project will be financed using equity, debt, PANYNJ milestone payments, as well as retail and airline revenues with equal shareholding amongst the three consortium partners.
Construction of permanent works will begin immediately, with most of the new terminal opening in 2020 and substantial completion anticipated during 2022.
Meridiam is an investor and asset manager specializing in public and community infrastructure, and a member of the LaGuardia Gateway Partners (LGP) consortium,