Alternative investor Investcorp Capital plc has agreed to invest in the $4.2 billion redevelopment of New York’s JFK International Airport’s Terminal 6.

The investment will be made through Investcorp Group’s newly formed partnership with Corsair Capital – Investcorp Corsair Infrastructure Partners, which is the lead financial sponsor of the redevelopment project, and whose wholly-owned airports platform Vantage Airport Group serves as the developer, operator, and manager of the new terminal, the Abu Dhabi ADX-listed Investcorp said in a statement on Thursday.

The firm based in ADGM, Abu Dhabi, didn't disclose the value of the investment.  

The redevelopment will replace the current Terminal 7. Construction of the terminal will be executed in two phases, with Phase I currently underway and expected to be completed in 2025, while Phase II is slated for completion in late 2027.

Vice Chairman and Non-Executive Director of Investcorp Capital, Hazem Ben-Gacem said the investment was part of the firm's new strategy to incorporate infrastructure into its portfolio of asset classes.

"This investment into Terminal 6 is the first Investcorp Capital shall be undertaking with the new strategy and proof of our commitment to delivering high-quality opportunities in the infrastructure asset class to our investors.”

(Writing by Brinda Darasha; editing by Seban Scaria)