Fraport lowering stake in St Petersburg airport operator

Frankfurt

GERMANY'S Fraport is selling a stake in the operator of the St Petersburg airport, which is ailing from low traveller numbers due to the weakness of the Russian rouble, to the Qatar Investment Authority (QIA).

The deal, from which Fraport expects to generate a gain of 30-40 million euros (S$44.9-59.8 million), will help offset weakening revenues at hubs such as Frankfurt and Antalya and allow it to confirm its 2016 earnings forecast, the group said on Sunday. Attacks in Europe and a failed coup in Turkey have hit demand for travel, prompting easyJet, Lufthansa, Air France-KLM and IAG (International …