Copelouzos Group through its wholly owned subsidiary Horizon Air Investments participated until recently in the company Northern Capital Gateway, the company that has undertaken the development, reconstruction and operation of Pulkovo airport at Saint Petersburg, Russia for 30 years.
Horizon Air Investments together with the German company Fraport AG, which manages and operates inter alia the Frankfurt airport and 12 other airports, and the Russian Bank VTB Capital, member of Group VTB, which constitutes one of the largest state owned banking groups in Russia formed a very strong consortium that in June 2009 won the international tender that was proclaimed by of the City of Saint Petersburg.
The development of the airport in the first phase required the construction of a new passenger terminal and of other airport infrastructure adequate to handle 17 million passengers and maintain IATA level C operational performance.
The construction of the new terminal started in June 2011 and was completed in September 2013.
The total cost of the first phase of the project amounted to €1.17 billion and was financed from a consortium of 14 International Financial Institutions and Commercial banks led by EBRD and IFC.
St. Petersburg is the second largest city in Russia after Moscow, and the 4th largest city in North Eastern Europe with population of 4.6 million. The city of St. Petersburg is the most important tourist destination of Russia. It is the economic, industrial and cultural centre of North western Russia which borders with three European Union countries, has the largest seaport in the Baltic region and is the major transportation hub of the wider region.