Ferrovial moves forward with a major JFK terminal project
Ferrovial completed an agreement to acquire 96% of the shares in the US investment firm Carlyle, part of a consortium chosen to design, build, and operate a new US$1.14 billion terminal at John F. Kennedy International Airport in New York. The project aims to replace the aging current facilities with a modern, high-capacity terminal that will handle tens of millions of travelers each year.
According to a statement filed with the National Securities Market Commission, the completion of the deal follows the satisfaction of all conditions precedent. The operation now advances to the closing phase, marking a significant step for Ferrovial in the US airport sector. Carlyle continues to hold a 51% stake in the consortium, while Ferrovial’s subsidiary holds 96% of that stake. The remaining equity is split between JLC and Ullico, which own 30% and 19% respectively, leaving Ferrovial with a controlling share of the overall project through its participation in the airport division.
This latest foray into the airport market by Ferrovial, under the leadership of Rafael del Pino, is expected to yield early indicators in 2026 when the first phase of the terminal opens and targets a capacity of about 23 million passengers annually. The plan envisions a full opening within three years, delivering a substantial upgrade to regional air capacity and connectivity.
In its presentation to analysts, the company outlined a concession period of 38 years, with an option to extend the contract through 2060. About 84% of project revenue is projected to come from airport business, while the remaining 16% comes from retail and dining contracts, with a significant portion of the duty-free segment expected to remain exempt from duties. The capital commitment from Ferrovial will be phased over the construction timeline, with the year 2024 anticipated as the peak in capital injections, amounting to around US$500 million. In 2023 and 2025 the injections are forecast at about US$250 million, while earlier years see smaller contributions.
Growing passenger capacity at a revitalized terminal
The project plans to replace current facilities that host a growing number of carriers and passengers. The new terminal, part of a broader multibillion-euro investment, will expand from the existing footprint to more than 223,000 square meters and provide roughly 16,000 square meters of shopping and entertainment space. When completed, the facility will offer a passenger capacity of about 23 million and will significantly extend the terminal complex that serves the New York metropolitan area.
Ferrovial emphasizes that the terminal will serve the largest metropolitan area in the United States, a region home to a substantial portion of the country’s corporate headquarters and a major international travel hub. The JFK complex already handles a sizable share of international traffic and acts as a gateway to the region, attracting travelers from around the globe. The project aligns with the broader strategic push to expand critical transportation infrastructure in the United States to meet rising demand and improve efficiency across major gateways.
Overall, JFK’s terminal strategy focuses on increasing capacity across the entire airport system. The airport serves millions of passengers annually, hosts dozens of airlines, and features a mix of international and domestic routes. The expansion is expected to strengthen the position of the New York area as a key aviation market and support continued economic activity in the region.
S&P Global Ratings preserves its outlook
S&P Global Ratings released a note explaining that Ferrovial’s credit rating remains unchanged in light of the transaction. The agency cited the operation as consistent with Ferrovial’s Horizon 24 strategy, which prioritizes sustainable infrastructure assets and strong cash generation. With a current rating of BBB, S&P notes the company maintains investment-grade quality and a solid balance sheet that supports the financing needs of the project without immediate credit concerns.
The agency pointed out that the investment broadens Ferrovial’s footprint in the United States and strengthens its portfolio in US infrastructure. Analysts highlighted the expected upgrade in high-quality capacity at the airport, along with solid demand and constrained supply, as factors that could elevate the project’s value and strategic importance in the portfolio. This development is seen as a positive signal for the company’s longer-term growth and exposure to key North American markets.
As Ferrovial progresses, industry observers will watch how the capital structure and project milestones align with the forecasted timeline. The combination of a strong balance sheet, predictable cash flow, and a long-term concession framework positions the airport project as a meaningful asset within Ferrovial’s global portfolio, with potential spillover benefits for related sectors and regional job creation.
Attribution: Market filings and company presentations were cited in relation to the above details.