VTB Bank to sell 25% in Pulkovo

Consortium of the Russian Direct Investment Fund and Middle Eastern investors will be a new stakeholder of St Petersburg Pulkovo airport (Photo by Pulkovo Airport)

Russia’s VTB Bank, the majority shareholder in St. Petersburg’s Pulkovo airport with a 49% stake in its operator Northern Capital Gateway, has announced plans to sell 25% less one share to a consortium of the Russian Direct Investment Fund (RDIF) and unnamed Middle Eastern investors.

Kommersant daily cited VTB First Deputy Chairman Yuriy Solovyov as saying that the deal may be closed as early as April. Solovyov also said that the the new stakeholder was chosen for its commitment to Pulkovo’s long-term development.

The consortium’s capital stands at $200 million, to which the Russian and Middle Eastern parties contributed in approximately equal parts, RDIF head Kirill Dmitriev says. No further details on the structure of the consortium are being disclosed.

Fraport, the German founder of Northern Capital Gateway, reduced its share from 35.5% to 25% last summer, and the first investors, the Kopelouzos family from Greece and Cypriot firm Koltseva Holdings sold all of their stakes. 24.99% of the company’s shares thus released is expected to go to Qatari fund F3 Holding.

Russian businessman Roman Trotsenko, co-owner of the Novaport holding company, has also expressed an interest, may buy between 1% and 10% of shares in Pulkovo.