German airport operator Fraport on Thursday said it is close to completing the sale of its 25% stake in St. Petersburg airport Pulkovo to Middle East-based investor Orbit Aviation LLC.
The proceeds from the deal, which according to Fraport are in the mid-double-digit million euro range, will be used to reduce debt.
Fraport suspended its investment in Pulkovo and all activities linked to the investment immediately after the war in Ukraine started.
Russian President Vladimir Putin put the airport under the temporary management of a newly set up Russian holding company in December 2023, wresting control from investors from Germany, Qatar and other Gulf states.
Source: Reuters.com