Fraport consortium takes over St. Petersburg’s Airport
Effective today, Fraport AG and its partners in the Northern Capital Gateway consortium are responsible for operating, developing and modernizing St Petersburg's Pulkovo Airport (airport code = LED), the fourth largest in Russia.
"This is a further milestone in the development of Fraport's international business. Following more than two years of project work, we are pleased to welcome Pulkovo Airport and its approximately 4,000 employees to the Fraport Group," explained Fraport executive board chairman Dr. Stefan Schulte.
Now, the plans for the future development of this airport in Russia's second largest metropolis have to be implemented. Using its expertise, Fraport will operate and expand LED into a major air transportation gateway in one of Russia's most popular tourist regions and in a continuously growing Russian aviation market.
The 30-year concession encompasses the development and operation of Pulkovo Airport. Initially, activities will focus on the construction of a new passenger terminal, expansion of apron areas, and modernization of other airport infrastructure. The total investment volume will be almost €1 billion. The foundation stone for the new terminal building will already be laid this summer, with completion scheduled by the end of 2013.
Over the entire span of the concession Fraport will be responsible for operations at Pulkovo Airport, drawing on its decades of know-how gained especially at Frankfurt Airport as well as its international investments and projects worldwide. On the board level Fraport will furthermore be responsible for the commercial business.
Fraport holds a 35.5 percent stake in the Northern Capital Gateway consortium. Its partners are VTB Bank of Russia (with 57.5 percent) and the Greek Copelouzos Group (with 7 percent). Fraport AG's involvement will amount to approximately €170 million including guarantees.