Ferrovial expanded its footprint in North America by securing a significant stake in the New Terminal One project at John F. Kennedy International Airport in New York. The Airports division is steering the design, construction, and operation of a unified terminal complex that will bring together current Terminal 1, Terminal 2, and the former Terminal 3, with ambitions for future extensions through 2060. This strategic move positions Ferrovial as a leading player in a major U.S. aviation infrastructure initiative, signaling a long-term commitment to modernizing air travel facilities in the region.
Ferrovial’s investment is valued at approximately US$1,140 million (about €1,062 million), as disclosed by the company on a recent Monday. The arrangement grants Ferrovial a controlling share in the deal, acquiring 96% of the stake that represents 51% ownership held by the New Terminal One consortium led by Carlyle Global Infrastructure Fund. This consortium arrangement underlines a collaborative approach to delivering a transformative terminal project that aligns with airport and city-scale transportation goals. [Source: Ferrovial press materials, 2024]
The completion of the transaction remains contingent on precedent conditions, including formal approvals from the Port Authority and related regulatory bodies. These prerequisites set the stage for a rigorous due-diligence process and essential risk assessments before the project can advance toward construction milestones.
Projected to require an overall investment around US$9.5 billion (roughly €8.85 billion), the New Terminal One project is designed to consolidate and expand the existing footprint by occupying more than 232,000 square meters of space currently managed by Terminal 1, Terminal 2, and the retired Terminal 3. The initiative aims to deliver a modern, high-capacity facility that can better accommodate growing passenger volumes and provide a more seamless travel experience at one of North America’s busiest hubs.
The modernization plan includes a phased redevelopment that will culminate in a significantly expanded terminal capacity. The process involves demolishing parts of the legacy infrastructure and rebuilding a state-of-the-art facility that integrates advanced security systems, digital wayfinding, and enhanced passenger flow. The initial phase is scheduled for completion in 2026, with subsequent stages extending over several years to realize the full terminal transformation.
Ferrovial entered the aviation sector in 1998 and has since built a substantial portfolio of airport investments. The group has been active in investing, developing, and operating airports across multiple continents, including North America, Australia, and South America, with a growing footprint in the United Kingdom as well. The strategy emphasizes long-term ownership and operational excellence, leveraging global expertise to deliver resilient aviation assets. [Source: Company disclosures]
Within this broader strategy, Ferrovial emerges as the largest shareholder and key industrial partner in the New Terminal One venture, holding 25% of the shares alongside other investors. The terminal project aligns with existing airport ownership structures, where the operator partners hold substantial stakes to ensure strategic oversight and long-term investment. In parallel to the JFK project, Heathrow Airport Holdings maintains significant influence with 50% ownership of its major facilities, while Ferrovial contemplates expansion opportunities across other UK airports such as Glasgow, Aberdeen, and Southampton as part of its diversified portfolio. [Source: Corporate announcements]
Beyond New York, Ferrovial has signaled ongoing expansion in the aviation sector by pursuing the acquisition of 60% of Dalaman International Airport in Turkey from the YDA Group. This prospective investment reflects the company’s interest in growing its international hub network and reinforcing its position as a global airport operator with a diversified geographic footprint. [Source: Market briefings]