Ferrovial’s latest investment in the airport market will begin to yield its first results in 2026, when the first phase is scheduled to open in New Terminal One in New York. The goal is to finish the new terminal three years later, which will have an estimated capacity of 23 million passengers a year.
The company chaired by Rafael del Pino announced earlier this week the acquisition for 1,140 million US dollars (1,062 million euros) of 96% that the US investment firm Carlyle has in the consortium designated to design, build and operate the new New York JFK International Airport Terminal,
In a presentation to analysts, Ferrovial explained that the concession period will be 38 years, which will extend the contract until 2060. 84% of revenues will come from the airport business and the remaining 16% from contracts linked to the shops and restaurants, with duty free accounting for 61% of the latter figure.
The acquisition of Carlyle made Ferrovial the controlling shareholder of the company that has the concession, since it owns 96% of a company that in turn owns 51% of the total. For this 49% participation, it will inject regarding 1,000 million dollars of the 2,000 committed for the entire project.
Ferrovial has highlighted that this terminal will operate in the largest metropolitan area in the United States, with some 22 million residents, hosting the headquarters of 25% of the 500 largest listed companies in the country. Since the airport receives travelers from all over the world, it will not depend exclusively on any area.
Including all its terminals, the JFK airport concentrates a capacity of 62.5 million people, with 86 airlines. 56% of passenger flows are international and the airport’s market share in the New York region is 66%.
New Terminal One will replace terminals that today have a capacity of 8 million passengers, with 20 airlines and 65 square kilometers. After a total investment of 9,000 million euros, it will have a capacity of 23 million passengers and 223 square kilometers, of which 16 kilometers will correspond to the shopping and leisure area.
Carlyle holds the remaining 4% of the company that controls 51% of the concession. JLC and Ullico are also in the project, with 30% and 19% of the total, respectively. Ferrovial would be part of the financial partners, while Aecom and Gensher would be part of the design and construction part.
The closing of the transaction is subject to certain precedent conditions, including the approval of the port authorities in charge of public transportation in the State of New York.
