Fraport will reduce its stake in St. Petersburg’s Pulkovo Airport by 10 per cent by selling shares to the Qatar Investment Authority, though it will remain the airport operator.
Fraport, which operates and has stakes in a number of airports around the world including Frankfurt, has, along with consortium partners has reduced its share in Thalita Trading from 35 per cent to 25 per cent. Thalita Trading is the parent company of Northern Capital Gateway, which has the 30-year concession to operate Pulkovo. Fraport is expecting to make a profit of between 30 and 40 million euros on the deal, which is expected to close in the second half of 2016.
Fraport executive board chairman, Dr Stefan Schulte says: “Pulkovo Airport has developed well since the operating concession started. In selling part of our stake, we are realising value enhancement while maintaining our role in the consortium.”
“Furthermore, this agreement with the renowned global financier Qatar Investment Authority 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.”