VTB Capital has completed the sale of a minority stake in the operator of Pulkovo Airport in St. Petersburg, Russia.

A consortium of international investors comprising Russian Direct Investment Fund (RDIF), Russia-China Investment Fund (RCIF), Mubadala Development Company (UAE), Baring Vostok Private Equity Fund V and a number of related funds (Baring Vostok), as well as leading co-investors from the Middle East have announced the completion of a transaction to acquire a 25% stake in Thalita Trading Limited.

Thalita is the holding company of the Northern Capital Gateway, which manages Pulkovo Airport.

As a result of the transaction, VTB Capital reduces its ownership in Thalita to 25.01%, Fraport AG’s and Qatar Investment Authority’s stakes will remain at 25% and 24.99% respectively. Fraport’s role as the lead airport operator of Pulkovo remains unchanged.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:

"RDIF’s efforts helped to form an international consortium of investors, attracting more than US$200 million into Russia from leading funds, including from Asia and the Middle East. We are confident that the arrival of new shareholders will contribute to the dynamic development of Pulkovo, one of the largest airports in Russia."

Tav Morgan, Partner at Baring Vostok Capital Partners Group Limited, said:

"Baring Vostok Private Equity Funds are pleased to have made this investment into one of Russia's leading infrastructure projects and look forward to working with its fellow shareholders and senior management to further improve Pulkovo's performance and standing amongst leading international airports."