Macquarie Infrastructure Company's Atlantic Aviation business has entered into an agreement with Los Angeles World Airports for the development of a new general aviation hangar at Los Angeles International Airport (LAX).
Work on the 36,500ft² facility has already started, and the completed $7.8m facility will consist of secure parking for four large-cabin general aviation jet aircraft, along with about 5,300ft² office space.
Macquarie Infrastructure CEO James Hooke said: "The expansion of Atlantic Aviation's LAX facility is another investment in the future of the business; one that we believe will produce attractive returns and enable Atlantic Aviation to better serve its Los Angeles bound customers.
"We already have strong demand for the full space, given the extreme shortage of General Aviation hangar capacity at LAX.
"Together with acquisitions of fixed base operations expected to close in the next few weeks, the hangar development at LAX and projects currently underway across our portfolio of infrastructure businesses, MIC has committed to invest more than $300 million in growth projects in 2014."
Atlantic Aviation owns fixed base operations, including terminals and hangars, at 63 airports across the US.
In addition to the hangar development, Atlantic Aviation is expected to complete the acquisition of a portfolio of six fixed base operations around the end of the first quarter.