Australian superannuation fund TelstraSuper is making a strategic investment in New York’s John F. Kennedy International Airport as the airport is in the midst of a major redevelopment.
JFK Airport is being transformed, with a $19 billion project underway, including $15 billion of private investment. As part of the project, the airport’s Terminal 6 is being redeveloped to deliver a “modern, world-class terminal experience with a focus on sustainability, innovation, and enhanced passenger services” in more than 1.2 million square feet.
The $17.8 billion super fund is investing an undisclosed amount in the redevelopment of Terminal 6 through a mandate to Investcorp Corsair Infrastructure Partners , the controlling shareholder of JFK Millennium Partners , which is the project company for the redevelopment. Vantage Group, capital deployment platform wholly owned by ICIP, currently operates Terminal 7 and will operate Terminal 6 when the renovation is complete.
In all, the Terminal 6 redevelopment is set to cost about $4.8 billion. It involves expanding and modernizing existing terminals, streamlining roadways, and adding new retail and dining experiences.
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As one of the world’s busiest airports, TelstraSuper officials said the investment in JFK will deliver long-term value for members.
“We are excited to be investing with Investcorp Corsair in a globally significant infrastructure project,” said Kate Misic, TelstraSuper’s acting CIO and head of alternative investments and real assets, in a statement.
“This investment aligns with our long-term approach and our commitment to supporting essential infrastructure that connects people and economies.”
She added that the fund is proud to be part of a consortium that “reflects both global expertise and strategic alignment.”
“We believe this investment will deliver resilient returns for our members while contributing to the future of global transport infrastructure,” Misic said.
Meantime, Investcorp Corsair managing partner and Vantage Group lead director Hari Rajan welcomed TelstraSuper as an investor.
“TelstraSuper’s involvement reflects the global appeal of this landmark project and the strength of our shared commitment to building inclusive, sustainable infrastructure,” Rajan said in a statement.
“We look forward to working closely with TelstraSuper and our other partners to deliver a terminal that sets a new standard for airport design and functionality,“ Rajan added.
JFK Airport currently serves more than 60 million passengers a year, employs close to 150,000 workers, and generates more than $33 billion in sales. The redevelopment is expected to add a further 15,000 jobs.
The superannuation fund provides retirement benefits for employees of Australian telecommunications company Telstra.
This?article?originally appeared in our sister publication,?Financial Standard, which, like CIO, is owned by ISS STOXX.
Tags: Infrastructure, Investcorp Corsair Infrastructure Partners, JFK Millennium Partners, Real Assets, TelstraSuper
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