Germany’s Fraport and a co-investor have sold a 24.9% stake in the operator of St Petersburg airport to the Qatar Investment Authority (QIA).
Fraport is lowering its stake in Thalita Trading, the parent company of Northern Capital Gateway, which holds the concession to operate the Pulkovo Airport in St Petersburg, to 25% from 35.5%. Consortium partner Copelouzos Group is also selling shares to QIA.
Thalita Trading is the parent company of Northern Capital Gateway, which holds the concession to operate Pulkovo Airport in St Petersburg, Russia. Due to the sale by consortium partner Copelouzos Group, QIA will acquire a total stake of 24.99% in the airport operating consortium, while Fraport AG will remain the lead operator following this transaction, a statement said yesterday. 
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 €30mn and €40mn ($34-$45mn), which will help offset weakening revenues at hubs like Frankfurt and Antalya and allow for a confirmation of its 2016 earnings forecast.
“Depending on the further development of carrying amounts up until the closing of the transaction, the before mentioned values may still vary,” the statement said.
“However, as of today Fraport AG expects a noticeable positive contribution from the closing of the total transaction.  Despite the recent weakening traffic developments at some Group airports, particularly Frankfurt and Antalya, the Fraport AG Executive Board is maintaining its outlook - when taking account of the positive effects from the disposal of shares in St Petersburg - for the full year 2016 ranges for Group EBITDA, Group EBIT, Group EBT, and Group result set at the beginning of the fiscal year,” it said.