German Fraport Frankfurt Airport Services Worldwide (Fraport), in collaboration with its consortium partners at Russia’s Pulkovo International Airport, has entered an agreement to divest part of its shares in Thalita Trading to Qatar Investment Authority (QIA).

Thalita Trading is the parent company of Northern Capital Gateway consortium, which owns a 30-year concession for operating Pulkovo Airport in St. Petersburg, Russia.

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With the closing of the transaction in late 2016, Fraport will reduce its stake in Thalita from 35.5% to 25%.

Fraport expects to receive profits ranging from €30m to €40m from the transaction, and will continue to function as an airport operator in the Pulkovo International Airport consortium.

"In selling part of our stake, we are realising value enhancement while maintaining our role in the consortium."

Fraport executive board chairman Dr. Stefan Schulte said: “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.

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“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.”

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Since the Northern Capital Gateway consortium began operating, passenger numbers at Pulkovo Airport have significantly increased from 8.4 million in 2010 to 13.5 million last year.

In recent months, the airport has also been serving new airlines and routes.

Image: Pulkovo International Airport in St. Petersburg, Russia. Photo: courtesy of MoukhametovR.