Fraport to sell stake in Pulkovo Airport management company to Qatar Investment Authority

Fraport announced (31-Jul-2016) it will sell a 10.5% stake of Northern Capital Gateway holding company Thalita Trading Ltd to the Qatar Investment Authority. Fraport currently holds 35.5% in the companies. Northern Capital Gateway is a consortium in a 30 year PPP agreement to manage Saint Petersburg Pulkovo Airport, with the consortium comprising Fraport, VTB Bank, Koltseva Holdings Ltd and Copelouzos Group. Fraport expects profit from the transaction to range from EUR30 million and EUR40 million, which in its total sum will impact the Group EBITDA, EBIT and EBT for FY2016. Additionally, Fraport retains its role as Pulkovo Airport's operator. Fraport chairman Stefan Schulte said the agreement "will broaden the shareholder base of our consortium and strengthen Pulkovo Airport to meet the challenges and opportunities of the future". The transaction is subject to the approval of the Russian government. [more - original PR] [more - original PR]