Transport Investcorp to invest in $4.2bn JFK terminal 6 overhaul By Pramod Kumar April 4, 2024, 5:31 AM Reuters/Shannon Stapleton Investcorp Corsair will be the lead financial sponsor of the project to develop JFK Airport's terminal 6 Investcorp Capital, an alternative investment company listed on the Abu Dhabi bourse, will help fund the $4.2 billion redevelopment of terminal 6 at New York’s JFK International Airport. The investment will flow through Investcorp Corsair Infrastructure Partners, a joint venture formed with New York-headquartered Corsair Capital. The investment amount was not disclosed. NewsletterGet the Best of AGBI delivered straight to your inbox every week The venture is the lead financial sponsor of the redevelopment project and its wholly owned airports platform, Vantage Airport Group, the developer, operator and manager of the new terminal. The redevelopment project aims to replace the current terminal 7 with a 1.2 million sq ft terminal with 10 gates, more than 100,000 sq ft of commercial amenities, airline lounges and two AirTrain stations. Construction of the terminal will be executed in two phases, with the first phase underway and expected to be complete by next year. The second phase is scheduled for completion by late 2027. Investcorp seeks more global airport and seaport stakes Investcorp leads $130m pre-IPO funding for Saudi startup Investcorp stays cool on digital assets Bahrain-headquartered Investcorp completed a 50 percent acquisition of the New York-based Corsair Capital’s infrastructure business, which includes the airport operator Vantage, in December. Hazem Ben-Gacem, co-chief executive officer of Investcorp, said in February that potential “top tier” destinations for further investment include more airports in North America and the GCC countries. “We take a lot of pride in developing JFK and hopefully a lot more from here,” he said in an interview with AGBI Last month Investcorp unveiled a new $526 million venture to acquire industrial real estate assets in the US. The venture has been set up with two unidentified sovereign wealth funds, mirroring a similar strategy launched in November 2021. The three entities have committed over $1 billion of investment over the past 2.5 years in the industrial real estate sector. Investcorp has assets under management worth $50 billion across the GCC, the United States, Europe and Asia, with its infrastructure side amounting to $5.5 billion.