Ferrovial closed the operation in which it bought 96% of the shares of the US investment firm. Carlyle In the consortium designated to design, build and operate a new US$1.14 billion terminal at New York JFK International Airport (1.062 million euros).
As reported by the Spanish infrastructure group to the National Securities Market Commission (CNMV) following market closure this Friday, the precedent to which the operation is subject has been met, so it has already continued at the close of the operation. .
Currently Carlyle owns 51% of this consortium and Ferrovial has bought 96% of this stake through his own company. Airports subsidiary, The Spanish construction company will control 49% of the total, majority stake, as the two partners JLC and Ullico own 30% and 19% respectively.
This latest investment made by the company he headed Rafael del Pino In the airport market, it will begin to show its first results in 2026, when the first phase of the terminal is expected to open, with an estimated 23 million passenger capacity each year, with the target of fully opening in three years.
As detailed by the company in a presentation to analysts, the concession period will be 38 years. the contract will be extended until 2060, and 84% of revenue will come from airport business and the remaining 16% from contracts associated with the shop and restaurant space, with 61% of the latter figure exempt from duty free.
The more than $1,000 million committed by Ferrovial in the project will be gradually contributed as the project progresses, with 2024 approximately the year with the most injections. 500 million dollars. In 2023 and 2025 this will be reduced to 250 million, and in 2022 and 2026 this figure will be much lower.
More passenger capacity
terminals to replace NewTerminal One They currently have 20 airlines and 65,000 square meters of 8 million passenger capacity. After a total investment of 9,000 million Euros, it will have a passenger capacity of 23 million and will cover 223,000 square meters of which 16.000 meters will correspond to the shopping and entertainment area.
Ferrovial underlined that this terminal will operate in the largest metropolitan area of the United States. 22 million residentsis home to 25% of the country’s top 500 listed companies. In addition, the airport accepts passengers from all over the world, so it will not be dependent on tourism from any region.
In total, JFK airport focuses on one capacity, including all of its terminals. 62.5 million people, 86 airlines and 56% of passenger flows are international. Its share accounts for 66% of the market in the New York area.
S&P maintains its rating
In a statement, S&P Global Ratings explained its decision not to change the company’s credit rating as follows: long term lenderConsidering that this operation is in line with the Horizon 24 strategy focused on the promotion of sustainable infrastructure assets.
this rating agency Given its current ‘BBB’ margin, it is investment grade and due to its “strong balance sheet and solid cash generation”, this acquisition ensures that there will be no immediate effects on the company.
“This investment should increase Ferrovial’s exposure to the United States and to US infrastructure projects. high premium value“Given the expected increase in high quality capacity at the airport, where strong demand and supply are scarce,” he said.