Skanska Sells its Interest in LaGuardia Gateway Partners for 115 Million Dollars

Construction and development firm Skanska has finalized binding sale and purchase agreements (SPA) for the sale of its entire 32% stake in LaGuardia Gateway Partners LLC, New York, for an amount of $115 million, approximately 1.2 billion Swedish krona. The buyers are the existing partners MI LaGuardia CTB, LLC and Vantage Airport Group (New York) LLC.

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The divestment is expected to close in the fourth quarter of 2023. However, the completion of this sale is subject to regulatory approval and customary terms and conditions. Skanska plans to announce the final purchase price, which may be adjusted for transaction costs and other factors, once the conditions of the SPA are met.

Role of LaGuardia Gateway Partners

LaGuardia Gateway Partners is responsible for the private investment, development, and operation of the completely reconstructed Terminal B at LaGuardia Airport. This significant role is part of a public-private partnership with the Port Authority of New York and New Jersey.

Magnus Eriksson, Managing Director of Skanska’s Asset Management division, expressed pride in their contribution to the redevelopment of the airport’s Terminal B. Eriksson highlighted the importance of team collaboration in realizing the vision of a world-class terminal. Rick Cotton, Executive Director of the Port Authority, acknowledged Skanska’s expertise and welcomed the ongoing partnership with Meridiam and Vantage Airport Group.

LaGuardia Airport Terminal B construction is finally completed

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LaGuardia Airport Terminal B is notably the first airport project in the world to receive LEED v4 Gold certification for building design and construction. It has also achieved Envision certification and won several awards, including “Best Airport” from UNESCO’s Prix Versailles and “World’s Best New Airport Terminal” from Sky Trax, in addition to being the first North American airport terminal to receive a 5-star rating.