22 February 2017
Basic Element, RDIF and Changi completes acquisition of Vladivostok Airport
The consortium comprising Basic Element, Russian Direct Investment Fund (RDIF) and Singapore’s Changi Airports International (CAI) has completed the acquisition of shares in Vladivostok International Airport in Russia’s Far East.
Following the completion, the consortium controls 100% of JSC Terminal Vladivostok and 52.16% of JSC International Airport Vladivostok – the legal entities that own and operate the airport. Basic Element, RDIF 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 plans 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% in 2016 year on year and is expected to hit two million this year. The consortium aims to realise the airport’s potential of 5 million passengers per annum in the medium term.