LaGuardia Gateway Partners, in which Skanska is a partner, has been selected by the Port Authority of New York and New Jersey, USA, as the preferred bidder on the Terminal Replacement Project at LaGuardia Airport.
The PPP-contract includes taking over operations of the existing Central Terminal Building and designing, building, financing, operating and maintaining a new replacement terminal for a lease term through 2050. The selection enables LaGuardia Gateway Partners to enter into negotiation with the client in order to finalize the lease agreement and begin the process of achieving commercial and financial close.
The project is expected to be financed using equity, debt, passenger facility charges, retail and airline revenues. The total value of the construction contract is estimated by the Port Authority of New York and New Jersey to about USD 3.6 billion, about SEK 30.5 billion.
Skanska’s share of the equity investment will be up to 40 percent and the share of the construction contract is 70 percent, which will be divided between Skanska USA Building and Skanska USA Civil. No order bookings or investments will be accounted for until financial close, which is expected to be in 2016. Construction is expected to start immediately following financial close.
Skanska Infrastructure Development is a leader in the global Public Private Partnerships (PPP) market. The business unit invests in, develops and operates roads, hospitals, schools, power plants and other social infrastructure in partnership with the public sector.