Vantage Airport Group and Corsair Infrastructure have successfully achieved financial closure on a $5.8 billion (US$4.2 billion) project to develop the new international Terminal 6 at John F. Kennedy International Airport (JFK). The deal was led by JFK Millennium Partners, a consortium selected by the Port Authority of New York and New Jersey, with Vantage as the principal developer and operator, and Corsair as the primary financial sponsor.

The project funding includes $1.8 billion (US$1.3 billion) in equity, with Corsair-Vantage holding the majority share. This marks a significant step in the ongoing transformation of JFK, introducing a new terminal complex on the north side, projected to enhance the passenger experience with advanced features and increased capacity.

Vantage, known for its expertise in transitioning airports from public to private management since 1994, will manage the construction and operation of Terminal 6. This includes overseeing the existing Terminal 7 until its demolition in 2025 and the new Terminal 6 from its completion projected in 2028 through 2060 under a long-term lease.

The new Terminal 6, connecting with Terminal 5, will span 1.2 million square feet, include ten gates, and offer over 100,000 square feet of commercial amenities, alongside airline lounges and spacious gate areas enriched with custom art and the latest in technology, security, and sustainability.

Legal advisors for the transaction were Simpson Thacher & Bartlett LLP and McCarthy Tétrault LLP.