Spain’s Ferrovial will invest more than $1bn to take a near-50% stake in the consortium appointed to design, build and operate the new Terminal One at JFK International Airport in New York City. The $9.5bn project entails demolishing the existing terminals 1 and 2  and the former Terminal 3 to build a major new complex with an area greater than 2.5 million sq ft (232,000 sq m), making it the largest terminal at JFK.

Construction will proceed in phases, with the first expected to complete in 2026. The “New Terminal One” consortium will operate the terminal until 2060.

Ferrovial will buy 96% of The Carlyle Global Infrastructure Fund’s 51% stake in the consortium for $1.14bn, the company said in a press release today. The transaction is subject to approval by the Port Authority of New York and New Jersey and other conditions.

Ferrovial operates 33 airports around the world, including in the US, Australia, Chile and the UK. With a 25% stake in Heathrow Airport, it is the airport’s core shareholder and industrial partner. Also in the UK, it owns 50% of Glasgow, Aberdeen, and Southampton airports.

It is also in the process of closing the acquisition of 60% of Dalaman International Airport in Turkey from YDA Group.