QIA BUYS UP STAKE IN RUSSIAN AIRPORT OPERATIONS
Fraport AG and its consortium partners reached an agreement to sell a portion of their shares in Thalita Trading Ltd. to Qatar Investment Authority. Thalita is the parent company of Northern Capital Gateway LLC, which holds the concession to operate Pulkovo Airport in St. Petersburg, Russia. Due to the sale by consortium partner Copelouzos Group, Qatar Investment Authority will acquire a total stake of 24.99% in the airport operating consortium, while Fraport AG will remain the lead operator following this transaction.
The transaction is subject to the approval of the Russian government and the senior project finance lenders. Currently, Fraport AG expects that these approvals will be granted and that the transaction closing will take place during the second half of 2016. Based on the current book values Fraport AG expects the total transaction to generate a gain between 30 and 40million euros.