Published: November 5, 2009
Northern Capital Gateway, a consortium comprising Russian investment bank VTB Capital, Fraport, the owner of Frankfurt airport, and Greek investment group Copelouzos, has been awarded the €1.4bn PPP scheme at St Petersburg’s Pulkovo Airport.
The 30-year agreement includes the construction of a new passenger terminal, expansion of apron areas, development of real estate adjacent to the terminal, and the modernisation of the airport’s existing infrastructure. The objective is to create the fourth largest airport in Russia and the main transport hub for the region.
As part of the funding arrangements, lending will be provided by a mixture of international financial institutions, regional development banks and commercial banks. Financial close is expected by Q1 2010.
Freshfields Bruckhaus Deringer acts as adviser to the sponsor.