Sovereign wealth fund Qatar Investment Authority (QIA) has acquired 25 per cent of Russia’s Pulkovo airport (St. Petersburg). The deal was approved by Russia’s Governmental Commission for Foreign Investments on 23 September, according to a local media report.

The shares were sold to QIA by Frankfurt Airport Services Worldwide (Fraport) and its consortium partners in Thalita Trading, the parent company of Northern Capital Gateway, which won the 30-year concession to operate Pulkovo airport in 2010.

QIA acquired 10 per cent of Fraport’s shareholding, resulting in the reduction of its shares in Thalita to 15 per cent. It is understood that the other shareholders, including VTB Bank, which owns 50 per cent shares, and Greek Horizon Air Investments, sold QIA the remaining 15 per cent of shares it acquired.

Fraport is expected a book a profit of between €30m ($34m) and €40m ($44m) from the sale of its shares to QIA.

Passenger traffic at Pulkovo airport is said to have increased from 8.4 million in 2010, when the consortium took over the airport operations, to 13.5 million in 2015.