Russian Direct Investment Fund leads purchase of 25% in St Petersburg airport

BNE IntelliNews, 21.04.2017

Russia’s fourth largest airport Pulkovo sold a 25% stake to a consortium of investors pooled by Russian Direct Investment Fund (RDIF), including Mubadala Development Company, other leading Middle Eastern and Asian co-investors, and Baring Vostok Private Equity Fund, RDIF announced on April 20.

The stake in St Petersburg’s main airport was acquired from Thalita holding company controlled by state-owned VTB Bank, whose share in Thalita will be cut to 25.01%, the remaining shareholders being Qatar Investment Authority (25%) and Fraport airport operator (24.99%).

The deal still needs to be approved by Russia’s Federal Anti-Monopoly Service (FAS). The amount of the deal was not disclosed in the press release, but according to previous reports it is about $250mn.

The head of RDIF Kirill Dmitriev praised Pulkovo as “an excellent example of a successful public-private partnership (PPP) – one of the largest PPPs in Russia – that has created a high-quality and stable asset”.

Pulkovo Airport handled 13.3mn passengers in 2016 and has boosted turnover by about 60% since 2010.