Skanska, the Swedish construction giant, has sold its 32% stake in LaGuardia Airport Terminal B in New York for US$115 million.
The company was part of a public-private partnership that designed and built the new terminal building, which opened in 2022 and received LEED v4 Gold certification for its environmental performance.
The buyer is LaGuardia Gateway Partners, a consortium of Meridiam, Vantage Airport Group and MI LaGuardia CTB, which has a lease to operate and maintain the terminal until 2050.
The project was financed by a mix of equity, debt, passenger fees and revenues from retail and airlines.
Skanska said the sale followed its normal strategy of divesting its infrastructure investments after construction is completed and operation has stabilised. The company also said it considered the timing of the sale to be favourable, as debt financing has become more costly due to rising interest rates.
The deal is the second major airport transaction in recent weeks, after Ferrovial sold its 25% stake in London’s Heathrow Airport to the Saudi Public Investment Fund for US$3 billion. Both sales reflect the changing dynamics of the global aviation industry amid the COVID-19 pandemic and the climate crisis.
Skanska carrying out additional work at Slussen for an additional value of SEK 1.5 billion