Acquisition of Russian airport by consortium completed

THE consortium comprising Russian Direct Investment Fund (RDIF), Russia's Basic Element and Singapore's Changi Airports International (CAI) has completed the acquisition of shares in Vladivostok International Airport in Russia's far east from Sheremetyevo International Airport.

The parties on Wednesday said that following the completion, the consortium will take over the management of Vladivostok International Airport.

RDIF, Basic Element and CAI each holds an equal interest in the consortium.

The consortium will develop Vladivostok International Airport into a leading aviation hub for domestic and international traffic by strengthening air connectivity and improving its passenger experience.

The airport's route network extends to over 40 destinations.

The consortium intends to add flights to more Russian cities and international destinations in Japan, China, Vietnam and South Korea.

The extensive development and expected economic growth in Russia's far east have been drawing interest to the region. Passenger traffic at the airport grew 9 per cent in 2016 year on year and is expected to hit two million this year. The consortium aims to realise the airport's potential of five million passengers per annum in the medium term.