Skanska divests ownership of LaGuardia Airport Terminal B in New York, NY for $115 million

Skanska signed binding sale and purchase agreements (SPA) for the sale of its entire 32% ownership of LaGuardia Gateway Partners LLC in New York, NY for $115 million, approximately SEK 1.2 billion. The buyers are existing partners, MI LaGuardia CTB, LLC and Vantage Airport Group (New York) LLC. The transaction will be recorded under the Central stream at closing, which is expected to be during the fourth quarter of 2023.

Completion of the sale is conditional on regulatory approval and customary terms and conditions. The final purchase price may be adjusted by transaction costs and other items. Skanska will announce the final amount and closing of the divestment in connection with satisfaction of the conditions in the SPA.

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 honor 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.”

LaGuardia Airport Terminal B is the first airport project in the world to receive LEED v4 Gold certification for building design and construction. It also received Envision certification and won several distinctions, including “Best Airport” from UNESCO’s Prix Versailles and “World’s Best New Airport Terminal” from Sky Trax. In addition, it received the first 5-star rating of an airport terminal in North America.