Russian Direct Investment Fund, Changi Airports International and Basic Element Consortium wins tender to acquire shares in Vladivostok International Airport

MOSCOW - The consortium comprising the Russian Direct Investment Fund (RDIF), a$10 billion fund established to make equity investments into Russian economy, Changi Airports International (CAI), a wholly-owned subsidiary of the world's leading airport operator Changi Airport Group, and Basic Element, one of Russia's diversified industrial groups, has been announced as the winner of the tender to acquire shares in Vladivostok International Airport in Russia's Far East. Each member will hold an equal share in the consortium.

The consortium's bid was recognised as the best based on the strength of the technical, legal and financial components in the submission. The transaction will be closed after regulatory approvals are received.

Vladivostok International Airport is strategically important for the development of the air transportation system in the region due to its geographical location - the crossing of two air routes between the Russian Far East and the Asia Pacific region.

In 2012, the aerodrome at Vladivostok International Airport underwent large-scale modernisation and a new terminal construction and is since able to receive all types of aircraft. The upgraded infrastructure has also enhanced the travelling experience of passengers.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said: "The unique global and local experience of our consortium partners, CAI and Basic Element, will be crucial for the further development of Vladivostok International Airport. We are glad that four large investment funds from the Middle East including the leading sovereign wealth funds of the region expressed their intention to join this deal as part of RDIF automatic co-investment mechanism. With an Open Skies policy in place, this airport has the potential to become a key Russian hub within the Asia-Pacific transportation and logistics network. Over 400 million people live within two hours flight of Vladivostok. The transportation hub will promote economic development in the region at every level."

sourced:traveldailynews.asia