A consortium comprising Basic Element, Russian Direct Investment Fund (RDIF) and Singapore’s Changi Airports International (CAI) has acquired Vladivostok International Airport from Sheremetyevo International Airport.

After securing regulatory and corporate approvals, the consortium will own 100% of JSC Terminal Vladivostok, which owns and operates the airport terminal building.

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It will also own 52.16% of JSC International Airport Vladivostok, the airport's licence holder.

Basic Element, RDIF and CAI each hold an equal interest of 33.3% in the airport.

Basic Element supervisory board chairman Oleg Deripaska said: “We are happy to cooperate with the Russian Direct Investment Fund and Changi Airports International on the development of one of the key airports in Russia and a strategic hub linking Russia and Asia.

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"Together with our partners in the consortium, we will create a high-tech aviation facility that delivers safety and comfort to its passengers."

“Together with our partners in the consortium, we will create a high-tech aviation facility that delivers safety and comfort to its passengers and adheres to the highest standards in airport operations and service which eventually will unlock Far East’s rich economic potential.”

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The consortium aims to expand the airport's route network and increase its number of flights.

RDIF CEO Kirill Dmitriev said: “We have been working diligently and have finalised all the conditions for the prompt closing of the transaction and the development of the airport of Vladivostok as a key transportation hub in the region.

“The consortium has already started work to expand the airport’s international route network and attract new airlines from China.”

Located at the crossing of air routes between Russia’s Far East and the Asia-Pacific, Vladivostok International Airport will be positioned as a major air hub for domestic and international traffic.

The airport can handle 3.5 million passengers per year and receive all aircraft types.