US-based company LaGuardia Gateway Partners (LGP) has received the 'Americas Transportation Deal of the Year' by the PFI Awards for accomplishing the LaGuardia Airport Central Terminal B redevelopment project.
The PFI Awards, which recognises achievement and ingenuity in the global project finance market, is a part of the Thomson Reuters Awards for Excellence.
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LGP entered an agreement worth $4bn, which is to date one of the largest PPPs in the US and the largest in US aviation.
Of the $4bn, $2.5bn was raised in project bonds, $1.5bn was invested by the Port Authority, and $200m in equity was split between the three major shareholders of the consortium.
LGP chief executive officer Stewart Steeves said: “We are honoured to be recognised by this award, underscoring the importance of investing in America’s ageing infrastructure through public-private partnerships (PPP) and innovative financing.
“We’re excited to be at the forefront of a project that is focused on delivering a great customer experience. We are building and operating a facility that New Yorkers can be proud of.”
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By GlobalDataLGP comprises three equity and development partners, namely Canada-based Vantage Airport Group, Swedish construction and development company Skanska and global investor Meridiam.
Vantage Airport Group chair and CEO George Casey said: “It is a tribute to the team that LGP has been recognised for one of the most complex projects ever undertaken at US airports.
“Through innovative approaches to financing, development and operations, we minimise risk to our partners, the Port Authority and the community, maximise benefit to our stakeholders and airlines, and deliver a great experience to current and future users of LaGuardia Central Terminal B.”
The revamped airport features a new 35-gate Central Terminal B, and will also include dual pedestrian bridges connecting the renovated terminal to two island concourses.
