New York-based investment firm Global Infrastructure Partners has acquired 25 percent of Freeport LNG Development L.P., for $850 million.

Freeport LNG is developing a three-unit liquefied natural gas export facility on Quintana Island, near Freeport, Texas. Global acquired the stake in the LNG facility through its second fund, Global Infrastructure Partners II.

The deal is expected to close in the fourth quarter.

Adebayo Ogunlesi, chairman and managing partner of GIP, said Freeport LNG is one of a handful of projects at an advanced stage of development.

GIP is acquiring the stake held by a consortium of institutional investors managed by Hastings Funds Management and Zachry American Infrastructure. Freeport LNG’s export capacity is 15 million tons per year.

The deal is reportedly worth five times the amount of the consortium’s original investment in Freeport.