Skanska divests ownership of LaGuardia Airport Terminal B for $115mil

Interior view of LaGuardia Terminal B,
Photo Credit: Skansa

Skanska has recently inked binding sale and purchase agreements (SPA) for the divestment of its entire 32% ownership in LaGuardia Gateway Partners LLC, situated in the heart of New York, NY.

The sale, totaling an impressive $115 million, equivalent to approximately SEK 1.2 billion.

As the remaining partners, Meridiam and Vantage Airport Group, take the reins, with Skanska having played a key role in creating the world-class terminal.

Skanska’s Strategic Exit

Skanska’s decision to part ways with LaGuardia Gateway Partners reflects a carefully considered business strategy.

The binding SPA, signed with existing partners MI LaGuardia CTB, LLC, and Vantage Airport Group (New York) LLC, underscores the confidence these stakeholders have in the project’s continued success.

The closing of this transaction, slated for the fourth quarter of 2023, is contingent on regulatory approval and customary terms and conditions.

Completion of the sale brings its own set of intricacies, with the final purchase price subject to potential adjustments based on transaction costs and other variables.

Skanska, committed to transparency, has assured stakeholders that the ultimate amount and closure of the divestment will be promptly communicated upon meeting the specified conditions in the SPA.

LaGuardia Gateway Partners

LaGuardia Gateway Partners holds a pivotal role in the private investment, development, and operation of the meticulously reconstructed Terminal B at LaGuardia Airport.

This initiative is a testament to the success of the public-private partnership forged with the Port Authority of New York and New Jersey.

LaGuardia Terminal B, Photo Credit: Skansa

Magnus Eriksson, managing director of Skanska’s Asset Management division, expressed gratitude for the opportunity to contribute to LaGuardia Airport’s Terminal B redevelopment.

Eriksson emphasized the importance of assembling the right team to bring the project from vision to reality.

With Meridiam and Vantage Airport Group taking over Skanska’s share, the torch is passed to capable hands, ensuring the continued success of Terminal B.

Terminal B’s Accolades

Skanska played a pivotal role in the engineering and construction of Terminal B, leading a design-build joint venture that culminated in its completion in July 2022.

The project’s success is underscored by the numerous accolades bestowed upon LaGuardia Airport Terminal B. Notably, it is the first airport project globally to receive LEED v4 Gold certification for building design and construction.

Furthermore, Terminal B’s achievements extend to Envision certification and notable distinctions, such as the prestigious “Best Airport” award from UNESCO’s Prix Versailles and the coveted title of “World’s Best New Airport Terminal” from Sky Trax.

The terminal’s 5-star rating sets a precedent for excellence in airport terminal design within North America.

By Len Varley - Assistant Editor 3 Min Read
3 Min Read
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