Qatar Investment Authority to acquire stake in Pulkovo Airport

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German airport operator Fraport has reached an agreement to sell a minority stake in Northern Capital Gateway, the consortium responsible for operating Pulkovo Airport in St Petersburg, Russia, to Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund. The deal will reduce Fraport’s stake in the 30-year concession contract from 35.5% to 25%.

Based on the current book value, Fraport expects profit from the transaction to range between €30m (US$34m) and €40m (US$45m), with completion scheduled for late 2016. Decreasing its shareholding will not affect Fraport’s role as an airport operator.

It is expected that QIA will also be able to acquire shares from the other consortia partners for a total stake of 24.99% in Northern Capital Gateway’s parent company, Thalita Trading.

Dr Stefan Schulte, executive board chairman, Fraport, said, “Pulkovo Airport has developed well since the operating concession started. In selling part of our stake, we are realizing value enhancement while maintaining our role in the consortium.

“Furthermore, this agreement with the renowned global financier QIA will broaden the shareholder base of our consortium and strengthen Pulkovo Airport to meet the challenges and opportunities of the future. Despite the current difficulties in Russia, we continue to regard this as an attractive market.”

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Helen has worked for UKi Media & Events for nearly a decade. She joined the company as assistant editor on Passenger Terminal World and since progressed to become editor of five publications, covering everything from aviation, logistics and e-commerce to meteorology. She has a love for travel and property and has redeveloped three houses in three years. When she’s not editing magazines, she’s running around after her two boys and their partner in crime, Pete the pug.

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