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published NOVEMBER 05, 2009

Freshfields advises on St Petersburg airport PPP scheme

International law firm Freshfields Bruckhaus Deringer has advised the sponsors to St Petersburg's Pulkovo Airport’s €1.4 billion PPP scheme which has now reached commercial close. Financial close is expected by Q1 2010. The 30-year PPP agreement includes the construction of a new passenger terminal, expansion of apron areas, development of real estate adjacent to the terminal, and the modernisation of the airport’s existing infrastructure. The objective is to create the fourth largest airport in Russia and the main transport hub for the region. Northern Capital Gateway, the consortium winning this PPP scheme included investor VTB Capital, the owner and operator of Frankfurt airport, Fraport, and the Greek investment and business group Copelouzos. As part of the funding arrangements, lending will be provided by a mixture of international financial institutions, regional development banks and commercial banks. The Freshfields team advising on the deal was led by Innokenty Ivanov together with an international team of infrastructure and transport experts including partner Alex Carver, Fedor Teselkin, Martin Goodwin, Olesya Dianova, Roman Churakov and Anna Viiret.